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In a research paper submitted by Dr S.V. Deodhar and Sunil V Desale, professor and research scholar, we come to know how by applying lean and six sigma principles we can continuously improve different processes in the construction industry. For more information please visit:
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The trend towards larger data sets is due to the additional information that can be derived from analysis of a single large set of related data, as compared to separate smaller sets with the same total amount of data. This is allowing better correlations to be found to spot business trends, determine the quality of research, prevent diseases, link legal citations, combat crime, and determines real-time roadway traffic conditions. Today, the applicability of Big Data analytics is not limited to only organizations. Big Data wings have established a longer reach beyond that sphere. Many apps are already in place to help people find the cheapest flights, improve their diets, even suggests how to become better drivers! From travel to shopping to health to civic life, big data got a role to play. Embracing Big Data analytics has already started paying dividends to the consumers. With more explorations, Big Data analytics is going to help each and every curve of consumer lifestyle in not so distant future!
A recent article posted in wall street journal by famous author Lora Kolodny, gives a detailed view on this subject. To read, click on the following link:
http://online.wsj.com/news/articles/SB10001424052702303369904579423383203100794
Six Sigma is not just a toolbox. It is a way of thinking about business, about processes and about cause-and-effect relationships. To ensure success, the application of Six Sigma relies on traditional scientific methods to examine processes, remove undesirable causes and their effects. Six Sigma also seeks to innovate through the discovery of truth with refined, rational cognitive skills and the objective analysis of empirical data. It is a collection of tools. It is a methodology. It is a thought process that dissects the large picture into smaller parts and reassembles it into a more efficient configuration.
Many of the tools used for Six Sigma also proved useful in conjunction with TQM and other process improvement methodologies. While some of the tools are new to process improvement activities, it is important to note that Six Sigma also provides a new way to use existing tools. This leads to a debate about whether Six Sigma is something new or a new way to employ existing tools!
An article by Robert Tripp, Scot Shank and Mike Carnell, emphasizes on this debate and speaks about DMAIC phases of six sigma methodology. Visit the following link to access the article:
http://www.isixsigma.com/new-to-six-sigma/dmaic/six-sigma-toolbox/
Can enterprise IT learn some best practices from Industrial Engineering? Not so obvious? Yes. It can. Heavy engineering companies like automobile manufacturing or aerospace manufacturing, make use of process flow maps intensively to analyze steps, identify and eliminate wastes and more importantly get an accurate description of the process. Now, it is not that IT program managers do not use process flow maps at all, but a more holistic approach towards process flow mapping can give an idea of which steps can be automated to reduce cycle time. Well experienced program managers can implement this approach resulting in a more efficient and cost effective process.
Stephanie C. Hill, Vice President and General Manager of Lockheed Martin's Information Systems & Global Solutions Civil business, writes about how enterprise IT can learn best practices from Industrial Engineering. Read more at http://www.informationweek.com/government/leadership/what-enterprise-it-can-learn-from-industrial-engineering/d/d-id/1141589?piddl_msgid=207611.
To help your Enterprise IT team create detailed process flow maps, or to conduct Value Stream Mapping exercise or Lean Action Work Out to identify wastes and reduce Cycle Time, contact SigmaWay at contact@gosigmaway.com. We have experienced Black Belts and Master Black Belts who can chart out an operational excellence plan for you.
The Centers for Medicare & Medicaid Services (CMS) has announced the last date for the third round of new applications for 2015 Medicare Shared Savings Program (MSSP). The following five key decisions will help organizations before joining the MSSP program. They are:
• Estimate the number of Medicare beneficiaries for whom the prospective ACO(Accountable Care Organizations) wants to be accountable.
• Determine an appropriate contracting vehicle through which to operate the ACO.
• Consider the types of health care professionals and facilities the prospective ACO should target as participants.
• Set expectations for prospective ACO participants in advance.
• Gather the appropriate staff to address particular aspects of the MSSP Application early and set milestones in advance of submission deadlines where possible.
To read more about this aspect, please visit Stephanie D. Willis’s (Associate of Mintz Levin) article link as given below: http://www.natlawreview.com/article/five-key-decisions-acos-accountable-care-organization-looking-to-participate-2015-ms
Companies do a lot of expenditure on resources to analyze big data. But surprisingly, in most cases they fail to address the question of why they are doing so. Many times they use different high end big data software unnecessarily when there is a simpler solution. Before starting the analysis of big data, a proper data thinking approach is necessary. This will not only save company’s time and money, but also optimize resources. So before mining big data, we have to think analytically with some small data. It is data thinking that can prove to be really big.
Robert D. Behn, lecturer at Harvard University’s John F. Kennedy School of Government, talks more about defining a proper question before analyzing Big Data here:http://www.govexec.com/excellence/promising-practices/2014/04/got-big-data-first-define-your-big-question/81661/?oref=river .
In order to become premier international financial company in the next millennium, Citibank, a Citigroup company, implemented quality initiatives to provide quick customer service anywhere in the world. They took the challenge of implementing Six Sigma to improve customer satisfaction by using methodologies like cycle time reduction (CTR), coupled with detection of defects using Six Sigma methods which resulted in significant improvements in process timeline, cash management and customer loyalty and satisfaction. To read more about this aspect please visit Rochelle Rucker’s (a freelance writer and publicist for Motivators Inc) article link as given below.
http://www.qualitydigest.com/dec99/html/citibank.html
The benefits of cloud-based ERP systems are well known. These solutions involve far less upfront investment, can be implemented in weeks instead of months or years & can be treated as operating expenditure rather than capital expenditure. Scalability is another advantage of cloud based ERP systems. However, if cloud based ERP solutions had no snags, then premise-based solutions would have disappeared years ago. As this is not the case, it’s worth examining the drawbacks of the SaaS model in ERP, which translate to the strengths of the premise-based model.
For a detailed view on this debate, please visit Tracey Schelmetic’s article link as given below:
Data complexity is a major challenge faced by the healthcare industry. Now healthcare industry is going through a transformation phase. So companies like General Electric, 3M CO, Siemens and Xerox Corporation are taking initiatives to gain insights for making healthcare processes more efficient by the use of predictive analytics.
Read more at: http://www.nasdaq.com/article/analytics-a-shot-in-the-arm-for-healthcare-analyst-blog-cm337055
Robust demand for continuous improvement talent remains concentrated on lean skill sets, but Six Sigma shows renewed strength in a new study. A survey conducted by the Avery Point Group on 7097 internet job postings revealed the changing demands landscape for lean and Six Sigma talent.
To read more, visit the following link:
http://www.industryweek.com/lean-six-sigma/demand-six-sigma-talent-staging-comeback
Organizations have implemented various software solutions to manage many processes, from ERP to power consumption to supply chain management. But when it comes to the most critical component of supply chain management – “Human Capital”, many companies are still playing catch-up. However, nowadays more organizations are turning to labour optimization solutions. These solutions not only keep track of operations, but also use predictive models and algorithms to determine future labour needs. Labour optimization software also analyze orders and resources to predict warehouse throughput. Then it automatically schedules the right balance of full-time, part-time, and temporary workers to meet demand. Managers receive alerts when labour levels don’t meet requirements. Optimization solutions have been used successfully for years in operations such as call centres, which needs to examine historical call patterns to predict future call volumes and ensure that they have the right people with the right skills in the right channels. Such intelligent technology has enormous potential in a manufacturing setting, helping companies do more with less.
To read more about this aspect, please visit Tracey Schelmetic’s article link as given below:
Nowadays patients are demanding more and higher quality healthcare provisions. These have posed challenges to the healthcare facilities. Insurance companies in the healthcare sector are striving to keep claims at minimal. In most of the cases, these companies bear a negative perception in the minds of patients which forces them to leave hospitals prematurely. Also, they do not get critical treatments or medicines.
However, a shift is taking place with Lean Six Sigma’s holistic approach. Insurance companies are now looking for effective ways to bring their costs down while at the same time providing medical cover for improved healthcare provisions.
CIGNA, a health insurance company describes how it is using Six Sigma to bring down medical costs while simultaneously improving the outcomes. To know about it, please click here: http://ciaranmay.files.wordpress.com/2011/06/focusing-power-of-ss-in-healthcare-insurance-industry.pdf
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In an article in Parenteral Drug Association journal by Bradley Scott and Anne Wilcock of University of Guelph, Ontario, Canada. We come to know how process analytical technology can help pharma industry to continuously improve its processes.
For more information please visit:
http://journal.pda.org/content/60/1/17.short
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Eric Siegel, Ph.D., founder of Predictive Analytics World and Text Analytics World and Executive Editor of the Predictive Analytics Times, talks about how businesses can incorporate predictive analytics to upgrade their process. A predictive model will help to know which new customers are likely to return and which are probably one-timers. He also mentioned about various benefits of retaining new customers. Moreover, by adopting this model, the first time customer can become a loyal customer.
For more information follow http://www.predictiveanalyticsworld.com/customer_retention.php
Data analysis is an important part of BFSI organisations. It helps to manage huge customer database of the organisations. It also automates the day-to-day transaction process. An article by Mohan Jayaraman, Managing Director of Experian Credit Information Company of India Pvt. Ltd. and Country Manager of Experian India describes that it is necessary to bridge the gap between information and its effective usage. For this, data analytics solution requires ability to manage and draw interferences from large amounts of data.
For more information, please go through: http://www.informationweek.in/informationweek/perspective/287791/indian-banks-improve-customer-lifecycle-analytics?utm_source=rss&utm_medium=rss&utm_campaign=how-indian-banks-can-improve-the-customer-lifecycle-by-using-data-analytics
Many marketers find themselves faced with overwhelming amount of data and organizational complexity, rapidly changing customer behaviors, and increased competitive pressure. Data or information has always been the USP, but now people are not using that USP in their advantage. If an investment is made in big data, one can extract only the relevant information and analyze it to transform the business decisions for the future.
Please go through the link for more details:http://www.marketingprofs.com/charts/2014/24321/marketers-and-big-data-in-2014-barriers-budgets-and-opportunities
A survey conducted by Cerulli Associates, a global analytics firm, reveals that 93% of the asset managers rely heavily on secondary market intelligence. This study was based on government agencies, trade organizations and research firms.
For more information: http://www.opalesque.com/650204/Majority_of_asset_managers_rely_on_secondary_market020.html
Analytics can help businesses greatly to increase their online sales. Surprisingly, the potential of analytics is not yet fully uncovered. In most of the cases, either the business owners or the managers do not take the full advantage of it or they don’t know how to use it.
So, how should businesses use Analytics and interpret them to decrease attrition rates and increase sales on their website? See the tips here: http://cio.economictimes.indiatimes.com/news/business-analytics/8-ways-to-use-web-analytics-to-increase-online-sales/32728371
Research firm Gartner has predicted that half of the large organizations will have internal Facebook-like social networks by 2016, and that 30 percent of these will be considered as essential as email and telephones are today. It also noted that 80 percent of social business efforts will not achieve the intended benefits due to inadequate leadership. A report on “unified communication and collaboration” (UCC), by another research firm, Frost & Sullivan, pointed out that employees have become accustomed in recent years to simple and user-friendly interfaces of free online communications tools, such as Gmail and Facebook, which allow them to collaborate in only a few clicks.
To know more about this talk-of-the-town topic, read Author Al Bredenberg’s article by visiting the following link:
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In an article in The Hindu BusinessLine by Mr. C Mahalingam, executive coach and HR advisor, we come to know how HR analytics can help different organizations to maximize their return on human capital investments. For More Information Please Visit:
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