Lean Six Sigma Raises Productivity

Lean Six Sigma is all about improving quality and minimizing errors. It can help to speed up manufacturing and most any other business process. This is mostly because it creates an infrastructure of people in an organization that are experts at their given level of Six Sigma knowledge. They have a specific job, know how to carry it out and will help reduce cost and increase profit. This is their main mission.

Since 1986, this method has been working. There are six steps to the process that have to be carried out exactly for it to work properly. These steps concentrate on getting more out of less work and eliminating the defects that exist in product development. It basically accelerates the decision making process within the company. In today’s economy, that is priceless. Most companies these days could use more production with less pay.

With big companies like Toyota adopting this philosophy, its success is easy to recognize. By identifying waste, transportation issues, inventory issues and equipment failures, companies can significantly cut costs and speed up production. Many times it can cut costs by 50%. In this economy, that is amazing. It can actually help to eliminate layoffs. Employees find that adopting this methodology a much better solution to declining sales, especially when they get to keep their jobs.

Since Lean Six Sigma focuses on management, it works. The employees will not only accept the changes but will be less frustrated in the end. They will be able to do their job and do it much easier. In fact, using the Six Sigma process will end up creating stronger communication between management and the employees. When tensions are very high, this can really be a blessing. No company really likes to have problems with communication between management and employees.

The strategies are simple. They include defining, measuring, analyzing, improving and controlling for process improvement. This is otherwise known as the DMAIC method. When these elements are attended to, they can be powerful tools for identifying and eliminating waste in process and productivity. This method minimizes inputs and wasteful outputs, and will result in overwhelming inventory at lower cost.

When productivity is low and stagnate, a new way of management needs to be developed. That is just the way manufacturing works. Changing things up can accomplish a lot and sometimes be so vital that the future of the company may be in jeopardy without it. Having the proper training and implementing a new process can take time and money, but in the end it is very much worth it.

While the Lean Six Sigma is a great theory for most companies, it is very important to get the proper training before implementing it. A company needs expert advice and training or it will not work properly and will not be affective. Shortcuts are not encouraged, implementing this process properly is vital for a successful result.

How ERP Brings Increased Productivity for the Financial Sector

The finance industry deals with stocks, equity, funds and hefty amount of investments. The aim of a financial service provider is to boost the profit figures of clients and build a mutually valuable relationship. However, increasing revenue for them not only limits to increasing customer acquisition and sales. It also signifies the fact that having a flawless process workflow also helps in downsizing costs and minimising the turnaround time.

In a financial sector, especially in stocks, transactions happen in a single blink of an eye. Needless to say that these companies need to meticulously manage all the transactions and customer data. Thus, for streamlining these complex operations and increasing the level of efficiency, it is important to integrate an ERP software solution, which will deliver full data integration, ensure greater accuracy and accessibility of reports at real-time basis.

For a more detailed overview, here are some of the major advantageous aspects of using integrated ERP systems for the Financial sector.

Enhanced Productivity

One of the thriving benefits of ERP Integration is it allows a steady and quick boost to the business productivity of financial service companies. It manages and integrates all relevant business data for simplifying the operations and increasing productivity thereby, resulting in improved customers, boosting profit margins and maintaining partner relations better.

By deploying its extensive functionality, banks and other financial institutions can make their operations well-streamlined starting from the customer counter to strategy making level. This, in turn, will deliver consistent performance and unmatched operational efficiency.

Analysis and Integration

ERP for the financial service companies boosts the level of integration across varied organisational roles and operations. It helps the company to develop a single port of communication for employees, customers, managers and partners. Furthermore, it makes easier to have easy access to significant business data by using the finance module of ERP. This module consists of a range of specialised features including accounts receivable, accounts payable, general ledger, reconciliation, billing and payroll. All these features collectively help in performing various complex accounting tasks including collecting financial data, preparing financial reports, trailing balance data, quarterly and annual financial statements and balance sheets.

Reporting and Tracking

An advanced ERP solution hosts an array of features for the financial service companies, which help them to gather, analyse and comprehend data easily and prepare accurate reports as well. Thus, the users can easily explore and access data on real-time basis. Using this integrated solution will help banks and other financial institutions to track data, products, investments and offer clients with complete information to make well-informed investment decisions.

With ERP, businesses can explore a host of advantages including increased productivity, faster internal accounting, reduction of errors and task automation. Thus, seeking expert advice of a skilled OpenERP consultant will certainly improve profitability of financial service companies and enjoy sustainable level of growth.

5 Destroyers of Productivity That Lurk in Your Business

With increasing competition, it’s essential for business entities to enhance productivity to stay competitive in the market. As an entrepreneur, you need to take guard against factors, which threaten to hamper employee productivity. Given below are five menaces that constantly lurk in your business.

Interruptions, distractions and idle gossips

In most offices, workers face interruptions and distractions all day, which makes it difficult for them to stay focused. These distractions come from every direction and in every form: phones, mails, colleagues, idle gossips, etc. These disturbances reduce productivity at workplace dramatically. As an employer, you should strictly deal with unnecessary disruptions that eat away efficiency. Make concerted effort to create a healthy environment where everyone gives 100% effort.

Lack of clear vision

Lack of clarity in vision and goals can dent efficiency of your members. Each worker must know his role and work accordingly. You must make the missions and goals of your company clear to your workforce. Your firm’s mission statement should not have jargons, but a definite meaning. If necessary, conduct meetings and conferences to remind members about the goals of the company. Hold personal meetings with people who find it difficult to understand their role.

Improper time management

Time management is extremely important for productivity improvement. With proper time management, you can gain more than your expectations. If you find employees reporting late constantly, penalize them. Observe how everybody is spending his or her time in office and if you find anything wrong, point it out immediately. Sometimes there are genuine reasons to miss a deadline. However, missing deadlines on a regular basis casts a bad impression about your company in eyes of customers. Make your workers understand the value of planning, which will reap benefits for them in the long run.

Overdependence on meetings

Productive teamwork doesn’t need meetings for every single decision. Workers become inefficient when struck in long meetings over petty issues. Constant conferences kill time and retard them. You should hold a meeting when it’s urgent and necessary. Gathering every day to discuss irrelevant matter sends negative vibes to employees.

Office politics

Office politics is something that you can’t avoid completely, but can definitely reduce it by taking tough actions. Look out for workers who constantly criticize the management, its decisions and foul-mouth their seniors. Take special care of new employees who are most vulnerable to dirty politics. You should not shy away from terminating someone who creates an unhealthy atmosphere in the office.

Once you address the above issues, the efficiency of your team will reach new levels. Members will feel more vitalized and vibrant. At the same time, it will make you feel good and lift your spirits.