Most Master Black Belts would probably cite design of experiments (DOE) as the most underused statistical tool in financial services. Yet, designed experiments are a favorite tool of statisticians and Six Sigma practitioners working in general business environments because they are an extremely efficient way of identifying what matters in a process and what does…
Managers play a key role in building a successful Lean Six Sigma organization. They must create and foster an environment that sets the stage for employee success. Here are six essential factors for creating Lean Six Sigma that thrives: Pick the right projects Pick the right people Follow the method Clearly define roles and responsibilities…
One of the biggest challenges for Six Sigma practitioners in financial services is developing the ability to recognize waste. Imagine an “overnight pack” entering Bank One’s wholesale lockbox process for processing remittance payments. By the time it has been through every step, up and down the elevators, back and forth between departments, it would have…
For any major change initiative like Six Sigma to endure, it must become part of the culture of the business. Conducting interviews with the CEO and those who report directly to the CEO, as well as other key influencers is a great way to identify critical elements of success for the business as a whole…
