Management Operations

Management Operations

 

Please respond to the two peers below:

Applying Six Sigma

Six Sigma projects are widely used to improve the quality, cost, and time performance of processes, products, and services.

Watch the Six Sigma Foundations course and answer the following questions:

  • Provide an example of variation in the products or services in your industry and explain how this variation impacts customers.
  • Select one specific Six Sigma concept or tool seen in the Six Sigma Foundations course in LinkedIn Learning that you found to be most useful.
  • Explain why you selected this particular concept or tool. How easy or difficult would it be to apply this in your industry?
  • Support your responses with specific references to the Six Sigma Foundations course.

1.Ellen Davitt-Lalwani

COLLAPSE

Dear Dr. Bateh & Classmates,

 

Applying Six Sigma

Six Sigma projects are widely used to improve the quality, cost, and time performance of processes, products, and services.

Watch the Six Sigma Foundations course and answer the following questions:

  • Provide an example of variation in the products or services in your industry and explain how this variation impacts customers.

Commercial banks serve a wide variety of customers. One type of customer may be a student who has their first savings account. Another type of customer may be a large commercial real estate firm which manages thousands of properties across the country. Each of those properties may have hundreds of tenants and the bank may hold a tenant escrow account for each tenant. The average consumer customer may have as many as eight products and services with us. The commercial real estate customer may have thousands of accounts with us.

Our call center must be prepared to serve the needs of any inbound caller or email from any type of customer. Customers are impacted by wait time to speak with an agent. During the holiday season, consumer scams and fraud skyrockets which generate a large number of inbound and outbound telephone calls. Wait times increase. This affects all types of customers.

Should the bank decide to implement a sophisticated cash management solution to meet the needs of business customers as wait times increase. These are our high-end customers with thousands of accounts. Business customers expect agents to be available the moment the customer requires support with unfamiliar technology.

The problem we need to solve is how to best address customer questions and concerns as quickly as possible, preferably first call resolution.

  • Select one specific Six Sigma concept or tool seen in the Six Sigma Foundations course in LinkedIn Learning that you found to be most useful.

One useful tool from the Six Sigma Foundations course is the recommendation to utilize Audit reports as a source of potential projects as well as obtain project definition.

The deficiency identified in the audit reports provide targeted projects and may also provide insight as to scope and definition of a project.

  • Explain why you selected this particular concept or tool. How easy or difficult would it be to apply this in your industry?

Banks are consistently audited through internal audit, audits conducted through consulting engagement based on specific professional discipline, public audit firms for the purposes of financial validation, state, federal and regulatory audits. For example, commercial lending is audited by internal audit, KPMG, CISE, the State of New Jersey Department of Banking & Insurance, the FDIC, and someday the Consumer Financial Protection Bureau (CFPB) when the bank’s asset size goes over $10 billion.

There is no shortage of audit report opportunities for a financial institution.

Auditor reports provide workflow processing maps which provide a good starting point to develop Value Stream Mapping. I recently needed to conduct meetings with members of our mortgage team. It was convenient to pull the workflow processing maps and an overview summary to learn more about our mortgage business. This information may be used to develop a starting point to conduct value stream analysis in an effective and efficient manner (2, Martin & Osterling).

  • Support your responses with specific references to the Six Sigma Foundations course.

My current employer is struggling with supporting the needs of consumer customers and commercial customers simultaneously. The pandemic has caused consumer and business behaviors to change and we must determine ways to capitalize on this change by ‘reviewing the car wreck’ caused by the pandemic (3, Welsh).

By way of example, consumers and business typically began their business day by 7am Eastern Standard Time. In this pandemic world, people wake up later and the bulk of the morning phone calls now start at 10am Eastern Standard Time. Both customer types are also willing to spend as much as 45 minutes on a telephone call. Over the last thirty years, customer phone calls were typically 3.5 minutes. The assignments for this course have been focused on solving the problems associated with changes in customer behaviors, this has been an iterative process. We are making some progress, however, the problem is not fully solved.

Have a great week! Best regards, Ellen

Sources:

    1. https://www.linkedin.com/learning/six-sigma-foundations/critical-to-quality-metrics-2?u=57878161. LinkedIn: Six Sigma Foundations Course. Professor Chua.
    2. Karen Martin & Mike Osterling. 2014. Value Stream Mapping
    3. Jack Welch. 2005. Winning.

2.Kaushik Thiagarajan

RE: Week 8 Discussion

COLLAPSE

Hello Prof. Justin and Classmates –

Six Sigma is a fascinating concept and is widely used in my current company. I am not personally part of a six sigma initiative in my line of work.

Provide an example of variation in the products or services in your industry and explain how this variation impacts customers.

We are in the process of rolling out IT applications for our 3rd party advisors to sell individuals insurance. One of the essential steps that enable seamless delivery of IT applications to our advisors is the IT infrastructure delivery and the quality of the developed code. Variations in the lead time to deliver the IT infrastructure and the number of defects found during the quality assurance testing directly impact the software delivery and, ultimately, the sale of insurance to our customers.

Select one specific Six Sigma concept or tool seen in the Six Sigma Foundations course in LinkedIn Learning that you found to be most useful.

DMAIC is a proven methodology and enables a six sigma project with the associated tools for each phase. I will focus on the tools associated with the Define phase of the Six Sigma project.

Some of the tools associated with the six sigma project- Define phase are:-

  1. Project Charter
  2. SIPOC

The Key concepts of Sig sigma that I like are below:-

  1. VOC – Voice of customer
  2. CTQ- Critical to Quality-

Explain why you selected this particular concept or tool. How easy or difficult would it be to apply this in your industry?

The mission for Sun Life is to help our clients achieve lifetime financial security and help them lead a happy and healthy life. Understating the needs and expectations of customers is very important as we deliver incremental value to our customers.

The Voice of the customer(VOC) is the needs and expectations expressed in customer language.

Translating the VOC to a format the employees understand is crucial for any strategy execution, and CTQ is very important for any project(1)

Critical to quality requirements(CTQ’s) are the performance characteristics of a process, product, or service critically important to customers(1).

Both the VOC and CTQ will be easy to implement in my current industry. Any improvement initiative considered for a Six Sigma project will need the VOC and CTQ to start the project.

Two specific tools that will be very helpful in the define phase of the project are the Project charter clearly outlining: the problem statement, goal statement, project scope, CTQ’s, Key metrics, expected operational and financial benefits of the project, milestone dates for each phase of the DMAC, project team and champions.

SIPOC diagram will also be of great use in the project’s define phase. It helps with the documentation and communication of the overall scope of processes related to the project on one page(2).

Kind Regards,

Kaushik Thiagarajan

References

  1. Key concepts in Six sigma. N.d. Six Sigma foundation course. Retrieved from LinkedIn learning
  2. Define Phase in Six Sigma. N.d. Six Sigma foundation course. Retrieved from LinkedIn learning
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