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Lean environment, The 7 Kinds of waste, and intro to KAIZEN

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Lean environment, The 7 Kinds of waste, and intro to KAIZEN

To sustain the target growth rate in a challenging and competitive environment, businesses need to deliver the maximum value to their esteemed customers. Different businesses come across different challenges and problems that they need to count down at the earliest. Lean theory implementation is recognized worldwide for being highly effective to counter down most of the competitive challenges and in-house problems in different verticals like R&D, production, inventory, supply chain, support, etc.

Lean environment development, widely accepted across the organization, is a multi-stage process that needs a professionally structured goal-oriented strategy and implementation plan; here comes the role of Lean – Kaizen consulting company.

What is a Lean Manufacturing Environment?

Lean manufacturing is a professionally designed methodology focused on minimizing the waste in manufacturing processes while maximizing productivity at each stage. The lean manufacturing approach is the perfect blend of different theories; Kaizen is the most influential contributor to Lean environment development. Practicing Lean is adhered to to make smarter and more informed quick decisions.

In a Lean environment, organizations focus on eliminating the waste to deliver the maximum value that the target customers’ segment and stakeholders expect while keeping an eye upon the planned profitability. The lean approach doesn’t recommend a strict and rigid set of processes, practices, rules or tools; instead, it is lightweight and flexible; therefore, it can be applied to any size business for enhanced performance resulting in better quality, greater customer’s satisfaction improved brand image and profitability. Although creating a Lean environment is a lot of intensive efforts but the understanding of 7 Lean principles makes the complete process feasible and hassle-free.

S.N.Lean Principles                                       Focus Area
1.Eliminate WasteEliminate anything that doesn’t add value for the customer
2.Build QualityIncremental quality development with constant feedback and combining the skills

 

3.Create Knowledge

 

Knowledge sharing and training
4.Deliver fastThinking far for future in advance

 

5.Defer CommitmentDemonstrate the responsibility by keeping the options for improvement open
6.Respect PeopleCommunicate proactively and effectively to settle the issues at the earliest

 

7.OptimizeVisualize and optimize the organizational value stream

Eliminating waste is the key challenge in creating a Lean environment in Kaizen Consulting Firms an organization because most of the wastes are present in hidden form. Seven wastes are commonly identified in manufacturing businesses.

Seven Wastes of Lean Manufacturing & their Impacts on Lean environment

Overproduction Waste: It is the most serious of the wastes often identified in manufacturer units. Stocking too much ready-to-supply product adds costs, storage issues, wasted materials, more capital invested in useless inventory. More raw materials are consumed before these should be. Overproduction creates serious environmental issues also.

Inventory Waste: Unprocessed inventory is a waste holding the capital without a purpose that affects the progress of other tasks that need capital. The key focus areas to control inventory waste are waste of transporting the inventory, containers storing inventory, lighting expenses for storage space, etc. In addition, excess inventory hides the wastes of overproduction and increases the damage cost and obsolete inventory.

Movement Waste:  Movement of a person or good costs to the organization; therefore, Lean advocates to minimize it. Each excess movement increases the production cost and production time. The movement waste often results in additional wear and tear of machines, major depreciation, the low performance of workers and health issues, etc.

Defects Waste: Defects are the deviations from the standards from the customer’s and organization’s perspective. Defective products, when e replaced, incur a heavy cost in the form of complex paperwork, replacement, rejection, excess human labor, lowered brand repute, more material consumption, etc.

Over-processing Waste: Over-processing waste means the processes in complete or in part that is unnecessary; for example, painting a hidden area like other exposed and regularly used areas. Over-processing waste costs the organization in the form of the increased cost of maintenance, parts, labor, and raw materials. Over-processing makes the tasks more complicated, costlier, and time-consuming.

Waiting Waste: Waiting in between the processes is the very common waste in most of the manufacturing units. It occurs because of a lack of planning, lack of coordination, improper workflow, and process optimization. It affects the organization’s profitability because of increased man-hours for being unproductive and the useless cost of lighting, heating or cooling for the waiting period.

Transport Waste: Transport is the critical aspect of the supply chain within and out of the organization. The transport cost is directly associated with the cost of produced and supplied products. Lean environment development takes care of minimizing the transportation cost by strategically planning the receiving and delivery points.

Introduction of Kaizen to Support Lean Environment:

Kaizen is at the core of lean manufacturing. Lean and Kaizen are closely associated. Lean eliminates the wastes to boost efficiency while Kaizen supports continuous improvement. Consistent improvement to deliver better value to customers at the right price is the only way for the businesses to achieve and sustain the target growth rate. Under the Kaizen approach, employees at all levels work as a team for the common goal of regular and incremental improvements. Kaizen guides for using the collective talents within the organization for achieving the better than the best of today.

Kaizen implementation revolves around two aspects – plan and philosophy. Kaizen’s plan is about organizing the planned events for improvements in specific areas involving all the concerned employees. Kaizen philosophy is about developing a culture that encourages the employees to be actively engaged in suggesting and implementing the improvement measures. Kaizen implementation goes through a PDCA (Plan, Do, Check, and Act) cycle that includes:

  1. Set the goals and provide support
  2. Review the prevailing parameters and plan for further improvement
  3. Implement a plan for improvement
  4. Review the outcome and identify what didn’t work
  5. Document the results to plan for follow-ups

Kaizen is an Engine for Successful Lean Implementation

kaizen is a “prerequisite for Lean introduction” because it provides the initial stage jump-start, powerful momentum, organizational learning, employee engagement, sustainable functional improvements. The core concept of Lean is a continuous improvement by minimizing the waste, while the Kaizen approach also echoes the same. Massive changes take place when Lean methodology meets with Kaizen. To let the changes take place smoothly without harming the current performance, businesses need to outsource Kaizen consulting services. Lean Kaizen consultant guides the businesses in achieving savings and increasing the profits by almost 25% by eliminating the waste and process improvement.

Concluding Note

Lean Kaizen deployment has become a must for businesses to remain in the race and survive in a highly competitive market. According to the survey reports, the involvement of the Lean-Kaizen consultancy company helps the businesses to reduce the costs by 30%, cut down the inventory by 90%, improve employees’ productivity by 100% and reduce the rejections by 50%. The key role for the management is to provide just the support – employees’ empowerment with the freedom to improve the performance through their innovative concepts delivers high.

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Companies that are thriving during COVID-19

Umar Nisar

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Companies that are thriving during COVID-19

After almost a year of the devastating pandemic that paused the world and got it into lockdown mode, companies are working hard into finding new ways of staying afloat, by adapting their services to operate with the necessary measures to stop COVID-19 spread or to opening new roads for different ways of making businesses that allow them to adapt and overcome the pandemic, according to Francisco D’Agostino.

All the industries at a worldwide level suffered consequences due to the pandemic and some managed to thrive in these trying times. These companies that managed to succeed are the new examples to follow in the look for success for new entrepreneurs.

One of the companies with a higher growth during the pandemic was the popular “Zoom”. During the pandemic year, this company increased 413% in the market value and became one of the most used apps for video conferencing at the same time that everything started to change to a remote option.

Schools, jobs and many other industries started applying remote structures to keep activities running and, in the cases that this was an option, it has been said that remote working has brought more productivity and positive results for companies around the world.

With this picture, then Zoom became a synonym for communication.

Another company that has been extremely profitable during the pandemic is “CrowdStrike”. They started recently, in 2019, and became the big thing because of the same reason above. As companies start applying remote jobs, then the need for security increases and the cyber security companies started thriving more by the day.

CrowdStrike increased 357% its market value and gathered more popularity when some hackers tried to compromise the company in an unsuccessful attack. However, their rival was compromised, and this gave them a huge boost among people.

There are hundreds of companies that thrive during the pandemic and we could continue talking about those as a way to inspire young entrepreneurs. However, what matters from this is the way these companies find their way up in a complicated situation.

All online services improved because COVID-19 shows us a lot, but one of the things that taught us is that online services are vital to keep the world going in a situation that no one imagined it could happen.

Now, an important part to notice is how investments increased for people of all ages. It is a trend to avoid having money in the bank without producing anything because of multiple reasons, but one of those is inflation.

So as a way to protect from inflation, people started investing their money and creating and interesting move, since we are talking about young people joining a trend that wasn’t really of interest years back.

One of the industries that thrived the most during the pandemic was videogames. Now with this industry there is a peculiar case that is worth talking about… the GameStop case.

Let’s talk more about this case.

GameStop Corp is a company founded in 1984 in Dallas, Texas. Now, this company has been famously known as your place to go to buy games, but the recent change into online gaming made the company start experiencing difficult times.

The stocks of this company had been struggling for a long time. GameStop has been losing money for years as sales of video games increasingly go online, and its stock fell for six straight years before rebounding in 2020.

But… what really happened in 2020?

Well, the situation was that there were a lot of investors that put their money into believing that stocks options were going to decrease, as the trend showed on earlier years.

However, a bunch of small investors from Reddit didn’t agreed and they decided to change the trend. They started exhorting each other online to keep GameStop’s stock rolling higher. The wild discussions are full of sarcasm, self-deprecation and emojis of rocket ships signifying belief that GameStop’s stock will fly to the moon.  

To illustrate more about the trend, this company was worth $1.3 billion on the stock market on New Year’s Eve was worth about $21 billion at the end of last week, roughly the same as Kellogg’s, the cereal maker, which, unlike GameStop, is solidly profitable.

After millions in losses, the situation is raising some concern that investors are taking excessive risks, but it also shows how trends can shift completely by the day.

If GameStop will maintain this trend is yet to be seen, since this company has had losses for several years.

The COVID-19 pandemic made the whole world face a new reality, nor in the worst scenarios was it expected to experience such a large commercial and operational stoppage. However, countries like New Zealand, Australia and Chile in the industrial sector managed to adjust and establish business operations in order to guarantee timely supply and also under the corresponding health protocols.

Therefore, it is extremely important to break with management paradigms and myths. These planning processes are based on studies and analysis of scenarios in the short, medium and long term in their traditional scheme. This is by applying the best practices created Strategic Business Management (GENE), to support and accompany the business sector to find paths and get out of the adversity.

Management is of vital importance as it allows planning, organizing, directing and controlling each of the processes and activities that take place within the company, explained Francisco D’Agostino.

Currently, the markets generate greater demands and demands, therefore it is important that companies have hierarchical levels that allow them to direct all their activities to the fulfillment of the objectives, this would not be possible if there were not a level where their work exclusively It corresponds to the decision-making process, the definition of the guidelines that must be followed to achieve the established objectives, and above all the responsibility they assume by belonging to that level.

The success or failure of the business totally depends on this level, the ability it has to direct a certain group of people and thus achieve the fulfillment of the objectives as a whole and not individually is the reason why the existence of a Management is of vital importance as it allows planning, organizing, directing and controlling each of the processes and activities that take place within the company.

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The Ultimate Benefits of Using Personalized Bricks

Umar Nisar

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The Ultimate Benefits of Using Personalized Bricks

Brick fundraising is considered an effective and convenient way to raise money in any social club or school, college, church, etc. This is one of the most popular fundraising strategies for low- to mid-level fundraising. But in the last ten years, this strategy has gone out of priority. Now, this strategy is starting to take place again.

This strategy is best suited for low-level donors. Engraved bricks are bricks collected from followers or sponsors for good work. Engraved bricks are most effective for a brick fundraising campaign. If you are looking for a new way to raise money for a charity, personalized bricks may not be your first choice. But they are becoming increasingly popular for a variety of fundraising projects as these are easy to organize and personalized bricks have many advantages.

Do you have any idea about the benefits of using personalized bricks? If so, you’ve come to the right place. We will now try to highlight some of the significant benefits of using personalized bricks in our article. So let’s get started.

Benefits of Using Personalized Bricks

Use them indoors or outdoors

You can display personalized bricks inside or outside the sidewalk or interior or exterior wall. These can be used for new projects, extensions, or building renovations and prove to be very popular due to their instant appeal. Any wall can be used to add brick slips and you can create your theme as part of the project then give it a name that is relevant due to the question.

A unique way to attract donors

This can be a bit awkward when you ask sponsors for grants for a fundraising project, so take a look at the wharf and introduce people to the idea of ​​carved bricks. Not only is it a little different when it comes to making the process fun, but it’s also a fancy way to raise awareness about a suitable cause. Arrange a charitable fund using engraved bricks and sponsors have a way to show where their donations have gone.

The right way to reward sponsors

Personalized bricks are somewhat different and this makes them unique from the point of view of charitable fundraising. Instead of asking sponsors for cash donations, not to show anything for their kind contributions, they will have their own carved bricks that clearly show their support for the project in question. Carved slip bricks look great as part of any building and they leave a lasting mark on the community.

A proven method for generating funds

Carved bricks are very reasonably priced, but you can sell them to your liking and increase the gross amount for the reason you choose. Typically, engraved bricks sell for up to 50 anywhere, but how much you want to charge for each brick is up to you, so test the water and see how generous your sponsor is! This kind of initiative is becoming increasingly popular and it is a sure-fire way of raising much-needed funds.

Ideal for any organization

Fundraising involving engraved bricks is perfect for many tasks, so whether you want to raise cash for a new village hall, a school expansion, or your local charity, you can order bricks in any color or style, personalize them and Make sure they are in line with your new building theme. The carved brick will last as long as it lasts and it will leave a lasting legacy for the sponsors who were kind enough to donate to your worthy cause.

Final Thought

Most people use engraved bricks for brick fundraising but there are many benefits to using personalized bricks that not many people know. Consider conducting personalized brick fundraising campaigns and they come with a wide range of benefits, not just a great way to help you achieve your financial goals.

With this in mind, we have tried to discuss in this article the various benefits of using personalized bricks. Hopefully, this small effort of ours will give you a full idea of ​​its benefits. If you are interested to know more about it, you can comment on us. We will surely try to answer.  Thank you all.

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Term Insurance Policy: Advantages and Disadvantages

Bobby Jansson

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Term Insurance Policy: Advantages and Disadvantages

With the rise of economic fluctuations and detrimental illnesses, insurance policies have become a precautionary shield for the public. People have become intuitive about future income, smart investment plans, and secured monetary returns to income. Term insurance is one segment under the roof of insurance policies. There has been continuous swelling of life insurance policies in difficult times. It is very requisite to choose and buy term plan that meets your requirements.

Term insurance gives the benefits of long-term savings, death benefits, and secured income for a family. In the tech-savvy world, buying a policy is just a few clicks away. One may opt to buy term plan online comparing the plans on various portals.

Advantages of Term Plans

  • Flexibility

One may buy a term insurance plan with good flexibility. It is both renewable and convertible. You may extend or renew the policy without any medical examination after the termination of the first policy. With a hike in the premium, the term policy can easily be converted into an endowment policy of the same sum assured. It is also effortless to opt-out of the policy. Once you stop paying the premium, your coverage will be ceased, thereby ending the policy. There is no pay-out or financial loss like an endowment plan where one cannot recoup the savings without financial deductions.

  • Cost-Effective

Long term insurance has an economical price. As compared to other life insurance policies, they are far more cost-effective. Buy term insurance and avail the benefit of huge life coverage to paying budget-friendly premiums. The premium for a term insurance policy is almost six times lesser than any other life insurance policy. Moreover, the premiums are locked in the duration of the plan. The total premium paid when you buy a term plan young is lower than what you purchase later in life.

  • Tax benefits

Section 80C of the Income Tax Act gives beneficial tax saving options. It offers deductions of up to INR 1.5lakhs for listed investments. Under this section, the premium paid is also entitled to deductions. However, the yearly premium should not exceed 10% of the coverage amount.

Under Section 80 D of the Income Tax Act, the policyholder who has taken health-related rider can avail tax benefit. With the term insurance policy, one can avail deductions of up to INR 25000.

Under Section 10(10D), the assured sum received on maturity or death of a policyholder is completely exempted from taxes.

Disadvantages of Term Policy

  • Term insurance is not a policy for those who aspire to save for future needs like marriages, education, retirement, or others.
  • A term Insurance plan does not enable you to create wealth. They have no profit plans and hedges against inflation.
  • If the insured outlives the policy period, no monetary benefit would be given. The policy builds no cash value.
  • No surrender values or loans are given in term insurance policy.

The Bottom Line

Term plans are the purest and most cost-efficient type of plans. It is quite convenient to buy term insurance online as well. Therefore, you should wisely choose the plan considering your income, liabilities expenses, etc.

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