Lean and Six Sigma got their start in manufacturing, but they have been applied successfully in service industries for decades. We’ll focus on applications in the financial services industry. We’ll look at the results, benefits, difficulties, and lessons learned in two applications and see recommendations of how Lean can help financial services organizations in their approach to big data. Then we’ll see a short video on insights on implementing Lean in financial services.
Lean Six Sigma in Financial Services: Netherlands
In a paper titled “Lean Six Sigma in financial services” authors Henk de Koning, Ronald J.M.M. Does, and Søren Bisgaard discuss the results and improvements from applying Lean Six Sigma in four case studies from Dutch multinational companies.
After discussing the integration of Lean and Six Sigma, the authors introduce Lean Six Sigma projects at two Dutch financial companies.
You can read the paper here.
In a case study titled “The Implementation of Lean Six Sigma in Financial Services Organizations” authors Catarina J. M. Delgado, Manuel Castelo Branco, and Marlene Ferreira report the results of a case study from a financial services organization that successfully implemented Lean Six Sigma. The authors discuss the benefits, main difficulties, and the lessons learned.
You can read the case study here.
Lean Application to Big Data in Financial Services
A paper titled “Big data: Time for a Lean Approach in Financial Services” from Deloitte discusses how Lean can improve organizations’ approaches to big data. According to Deloitte a Lean approach will help an organization focus only on the data needed to deliver specific business outcomes.
The paper includes:
- The relationship between data’s value and its volume and complexity
- Lean principles for Big Data programs
- The Lean approach in practice – engaging financial customers in new ways
- Overall benefits of taking a Lean approach to big data
- Five simple steps an organization can take to start a Lean approach to big data
The paper focuses on applications for the financial services industry, but the general suggestions are applicable to applying Lean to big data in any organization.
You can read the Deloitte Analytics paper here.
Moving Beyond Lean in Financial Services
In a short video from Bain and Company, Peter Stumbles describes the way to implement Lean in Financial Services.
You can watch the video here.
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