Lean manufacturing allows modern firms to develop a more simplified process, increasing value addition. Six Sigma is a technique for company improvement that focuses on defect reduction. Six Sigma applies quality control concepts to reduce defect rates. Lean Six Sigma (LSS) provides synergistic benefits in terms of waste minimization and defect reduction. LSS is a robust strategy used by modern industrial firms to achieve strategic advantages.
Lean Six Sigma (LSS) is a business improvement technique that has been considered as integrating two unique management philosophies, namely Lean and Six-sigma, which compliment each other to enhance business processes and results. Lean and Six-sigma have been referred to as the “two pillars” of LSS. The integration was made possible by merging the two groups’ different approaches and fundamentals. Both businesses collaborated to decrease production flaws, process variability, and waste using the DMAIC (define, measure, analyze, improve, and control) cycle as a shared framework for continuous improvement.
The LSS project management approach is widely used in banking and finance. The technique has many facets of success, and stakeholder management becomes a critical component of every LSS project’s success. Handling many sets of stakeholders at various organizational levels is a difficult skill. While there are no hard and fast rules for managing a group of stakeholders, interviews with worldwide project managers found that an organized strategy for managing LSS stakeholders will aid in the project’s seamless execution. The project manager, on the other hand, must be proactive in knowing the personality attributes of the stakeholders. Project managers should be able to identify, involve, and influence various stakeholders at various stages of the DMAIC cycle.
