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Very basic question

Six Sigma – iSixSigma Forums Old Forums General Very basic question

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  • #38078

    newb
    Participant

    What does it mean to have a reduction in “transactional cost”?
     
    thanks
    newb

    0
    #113514

    M the BB
    Participant

    Examples of a transaction can include; putting through a purchase order, applying for project funding, processing an insurance claim, etc.All these activities require people or processes to “do work”. This costs money, time and uses resourses. You have to ask the question, is there a cheaper, faster, more efficient way to get your transaction done. Is there long wait times, can some steps of the process be automated, are all the paths of an approval process necessary, is there unnecessary information being collected, etc.
    Hope that helps
     

    0
    #113582

    newb
    Participant

    thanks for the helpful response.
     

    0
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