The Coin Toss of Improvement – Heads or Tails, Waste or Value?
Have you ever heard of the seven wastes when it comes to improvement? I am sure you have used at least one of the easy to remember acronyms and possibly even ready to debate that there are more than seven and use something to represent eight or even nine wastes.
The real question I would like your input on is if you have ever thought of the other side of the coin? If TIM WOOD is truly the “king of waste” or heads on a coin toss, then what is on the other side? If you are not looking to drive out waste from your process what else are you trying to do? What about adding value to the customer and to your bottom line as a business?
Waste, often referred to by the acronym TIM WOOD, is what companies want to minimize from the value stream. The flip side of the coin, E A S I E S T to remember would therefor be the value that can be maximized by a company. Here is a simple side-by-side comparison that we have developed at Stumped Strategies.
As you look at your value stream and think about all the areas that you have transportation waste, are there areas that you could look to get certifications or other designations to show you are more ethically sourced then your competitors? When looking at inventory waste and ways to reduce work in process from the shop floor are you also hit with the reality of today’s supply chain crisis, causing you to take steps to maintain an assured or reliable supply of materials and products? Are there opportunities to reduce or eliminate motion from your process or develop more supply, flexible supply solutions? Do you have operators waiting for upstream processes or an opportunity to have more immediate, timely responses to your customers? When you look at your production line are there areas where you are over producing and making more than you have orders for or over processing by doing more to the product than the customer has asked for? Alternatively, is there an opportunity to balance supply and demand to deliver a more esteemed, valued product that has sound, correct pricing attached? Finally, as you strive for zero defects throughout your value stream what figures can you communicate regarding your trusted quality to make you stand out above your competition?
These are seven examples of how hiring Stumped Strategies can help you identify your in process wastes and identify opportunities to maximize your end value to customers. Reach out and book a call today to get started on developing your road map and don’t just leave it to a coin toss!