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Provide some examples of “defects per million” within the following industries (using six sigma): Banking: Healthcare: Transportation: Education: Law Enforcement:

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General Management

Provide some examples of “defects per million” within thefollowing industries (using six sigma):

Banking:

Healthcare:

Transportation:

Education:

Law Enforcement:

Answer & Explanation Solved by verified expert
3.6 Ratings (294 Votes)
Banking How can leading financial services institutions like Bank of America and JP Morgan Chase be bragging about six sigma when this expression still has a manufacturing stigma These two words had their call to fame in the 1990s when industrial companies started reporting the results from process improvement programs to their shareholders Motorola who owns the Six Sigma trademark for process improvement followed by Allied Signal now Honeywell and then by Jack Welch in his charismatic leadership of the GE industrial conglomerate are among the most notable examples Such fame stemmed from the accepted wisdom that making perfect widgets is better than producing defective ones as customers prefer dependable and predictable manufactured goods rather than putting up with items of wildly variable quality While Six Sigma means virtually zero defects fewer than 34 per million and predictable quality what really ended up propelling these methodologies within these industrial giants was an appetite for bottom line performance competitive advantage and cultural change It turns out that these process improvement methods simplify and speed up production while eliminating defects and their associated waste Consequently Six Sigma processes perform much faster and cheaper Competitors have a tough time matching such amazing quality and productivity standards through conventional techniques And finally Six Sigma improvement activities open up new dimensions of teamwork and empowerment for managers and employees How did these quantum improvements percolate into the conservative world of financial services For many individuals seeing is believing GE Capital Services a division from one of the giants with annual revenues in the 60 billion dollar range has readily embraced this corporate improvement gift It was also that a few visionary leaders in large financial institutions saw the opportunity to transport Six Sigma methods into the services arena as a break out strategy After many decades of tweaking patching convoluting and reconciling their administrative flows financial institutions were stuck with fragmented and largely deteriorated processes that typically entail up to 90 of wasteful steps Their customer satisfaction across other service and manufacturing companies ranked in the bottom tier barely above the level of the Internal Revenue Service The dependability of older processes was visibly low to the point that airline customers were more likely to get their baggage delivered without any hassle than financial services customers seeing their transactions processed timely and accurately Over the years financial institutions had managed to educate their customers to put up with unacceptable quality Therefore improving old processes has become a quintessential source of customer satisfaction cost efficiency and competitive advantage Several visionary CEOs at financial institutions sensed a strategic opportunity to boost bottomline performance and customer loyalty by improving ailing processes Among others Ken Lewis at Bank of America Bill Harrison at JP Morgan Chase Phil Humann at SunTrust and Ken Chenault at American Express have explicitly mentioned their Six Sigma and quality reengineering programs for customer impact efficiency and growth in their respective annual letters to shareholders In the aggregate visible process transformations at these companies have already contributed billions of dollars in cost efficiencies and revenue growth A key challenge in attaining such performance gains is championing a process improvement culture across the organization To be effective major business transformations in financial services require an endtoend customer perspective that cuts across functional lines Indeed a distinctive feature of Six Sigma improvements is employing diverse methods and tools that focus on maximizing customer value through collaborative solutions By adopting a customer perspective financial institutions completely redefine the performance improvement opportunity by shifting the attention from tactical cost cutting measures at individual departments into a cohesive quest at their group or corporate levels to address critical and strategic business priorities A holistic process perspective also helps illustrate how financial institutions find strategic performance value in Six Sigma For example a widely adopted tool known as DMAIC define measure analyze improve and control hinges on a systemic improvement process A technique known as Voice of the Customer helps in revealing critical needs and issues from various surveys and feedback sources Savvy institutions also incorporate an equivalent Voice of the Employee feedback as employee performance affects the customer experience At a business sponsor level these critical needs and issues are then    See Answer
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