Shruti Bhat PhD (Pharmaceutics), MBA, Lean Six Sigma Black Belt
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Business Turnaround and Continuous Improvement Tips & Tricks Part 6 of 6 : Balanced Score Card

2/27/2019

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business turnaround and continuous improvement tips and tricks part 6 of 6 balanced score card, dr shruti bhat, continuous improvement tools
While methodologies like Six Sigma and Agile may have mutually exclusive viewpoints on the correct way to run/ manage a process improvement project, Balanced Score Card methodology gels well with most systems.

Balanced Score Card (BSC) was developed to move the trend of focusing on financial measurements to a more holistic system of metrics across equally weighted quadrants.


Balance Score Card Manifesto includes:

  • Focus on knowledge growth: BSC focusses on bringing forth internal knowledge and growth within an organization.
  • Multiple viewpoints: BSC looks at the same data from three levels- long term, short-term and immediate or day-to-day, to keep constant vision on both big and small picture simultaneously.
  • Compatibility with other business process improvement techniques: Excellent compatibility with all popular business improvement methodologies.​
balanced score card

Related reading:

  1. Business Turnaround and Continuous Improvement Tips and Tricks Part 1 of 6
  2. Business Turnaround and Continuous Improvement Tips and Tricks- Part 2 of 6: Six Sigma in a Nutshell
  3. Business Turnaround and Continuous Improvement Tips & Tricks Part 3 of 6- Agile in Nutshell for Improving Sales & Marketing of Products and Services
  4. Business Turnaround and Continuous Improvement Tips & Tricks Part 4 of 6- Lean Manifesto
  5. Business Turnaround and Continuous Improvement Tips & Tricks Part 5 of 6: TQM in a Nutshell

​A Balanced Score Card travels measurement focus across four key business areas-

  1. Financial: Revenue, net profit, expenses, payrolls and other routine monetary metrics
  2. Knowledge growth & transfer: How are employees growing in their skills? What must an organization do to impart training and development to its human resource talent pool?
  3. Productivity: How efficient is the organization? Productivity scorecard measures productivity as percentage.
  4. Customers: Customer score card focuses on voice of customer (VoC), customer retention rates, customer satisfaction, customer loyalty etc. Note that with BSC principle, the 'Customer score card' goes beyond just number of customers.

Which companies can implement Balanced Score Card?

Balance Score Card is best for any organization that measures itself, employs people with special talents or is primarily composed of knowledge workers e.g. Research departments, contract research companies, entertainment industry, fashion business etc.
​

What’s your organization's score?

Related items:

Learn more on Business Transformation & Continuous Improvement Tools at our Workshops & Webinars-
​

Shruti's books ...

Business process improvement methodologies for manufacturing and service industry, bpm, 18 different continuous improvement methodologies to increase productivity, organizational excellence and decrease cost, business process management and continuous improvement executive guide series book, shruti bhat, How to choose business process improvement methodology for your organization and measure the positive change, up to speed with workflow, business process management and continuous improvement executive guide series book 3
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Workshop on Kaizen leader masterclass, kaizen leader certification online course, shruti bhat, business process improvement, continuous improvement workshops,
Available as Onsite Worksop & Online Course
For brochure and other details Contact Us
Continuous Improvement Tools workshop by Shruti Bhat, 100 continuous improvement tools discussed in detail along with workbook, games and exercises
Available as Onsite Workshop & Online Course

​About the Author: Shruti Bhat PhD, MBA, Certified Lean Six Sigma Black Belt
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#BalancedScoreCard #ContinuousImprovement  
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Business Turnaround and Continuous Improvement Tips & Tricks Part 5 of 6: TQM in a Nutshell

2/24/2019

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business turnaround and continuous improvement tips and tricks part 5 of 6, total quality management TQM, dr shruti bhat, continuous improvement tools
TQM (Total Quality Management) actively preceded LEAN and much of its focus on waste-reduction, continuous improvement and elimination of defects has since been rolled into Lean. However, TQM by itself can provide significant business improvement even if you don’t adopt a fully LEAN approach.

​As the name implies , TQM is focused on quality.

TQM Manifesto-
​
  • Quality first: In a TQM environment, everyone talks about quality, thinks about quality and measures quality at every turn.
  • Employee engagement- In a TQM workspace, if an employee notices something incorrect or causing defects, the employee has the power to stop the process, remedy it or seek remedy from experts to rectify the situation- Jidoka
  • Small improvements add up: Often improvements made via TQM are small Vs 70% or higher improvements made via Six Sigma; however inappropriate, the small gains via TQM can add up exponentially.
​

Related reading:

  1. Business Turnaround and Continuous Improvement Tips and Tricks Part 1 of 6
  2. Business Turnaround and Continuous Improvement Tips and Tricks- Part 2 of 6: Six Sigma in a Nutshell
  3. Business Turnaround and Continuous Improvement Tips & Tricks Part 3 of 6- Agile in Nutshell for Improving Sales & Marketing of Products and Services
  4. Business Turnaround and Continuous Improvement Tips & Tricks Part 4 of 6- Lean Manifesto
  5. Business Turnaround and Continuous Improvement Tips & Tricks Part 6 of 6 : Balanced Score Card


​Shruti's books ...

Business process improvement methodologies for manufacturing and service industry, bpm, 18 different continuous improvement methodologies to increase productivity, organizational excellence and decrease cost, business process management and continuous improvement executive guide series book, shruti bhat
Paperback & Digital Editions

Which companies can implement TQM?

TQM can be implemented by organizations from both Manufacturing as well as Service based companies. TQM is best for businesses that produce products that must meet high quality standards e.g. pharmaceuticals, airlines, healthcare & hospital management, IT, financial institutions etc.
​
TQM is not for organizations that currently produce low-quality goods or with highly variable results.

In the next part of this article series, I shall discuss another important yet fairly recent business improvement methodology: Balanced Score Card.​
​
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#ContinuousImprovement #QualityImprovement  #TQM #TotalQualityManagement #Quality #QualityManagementSystems #QMS
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Business Turnaround and Continuous Improvement Tips & Tricks Part 4 of 6- Lean Manifesto

2/22/2019

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business turnaround and continuous improvement tips and tricks part 4 of 6, LEAN Manifesto, dr shruti bhat
Born at Toyota, Lean is a lighter, leaner way to achieve results. A Lean process is ruthless about getting rid of errors, steps, processes and people that don’t add value to a company’s products or services.

Lean is all about focussing on customer needs, reducing defects, creating waste-free processes that result in maximum ROI and Customer value.

Although Lean defined Toyota Production System (TPS) in 1940s, with time, Lean has been extended to other manufacturing verticals such as- electronics, cement, construction, food & beverages, pharmaceuticals, personal products, engineering etc. 
​
The best part about Lean is that, Lean brings in a 3:1 rate of returns for any organization regardless of industry sector, that implements Lean correctly.

Related items:

Learn more about how Lean can help your organization at our Workshops & Webinars:

Workshop on Lean Manufacturing, 30 lean ways to improving manufacturing productivity reduce overheads an skyrocket profits, business process management and continuous improvement executive guide series book, shruti bhat, lean enterprise, lean management, lean startup, house of lean, house of quality, workshops on lean, webinars on lean
2 Full Days Workshop
Workshop on Lean Innovation, business process management and continuous improvement executive guide series book, shruti bhat, lean enterprise, lean management, lean startup, house of lean, house of quality, workshops on lean, webinars on lean
2 Full Days Workshop
Lean for service industry, business process management and continuous improvement executive guide series book, shruti bhat, lean enterprise, lean management, lean startup, house of lean, house of quality, workshops on lean, webinars on lean
1 Full Day Workshop
For brochure and other details please Contact Us
​Lean Manifesto:

  • Focus on customer: Lean is based on Voice of Customer (VOC). If a step doesn’t add value to a company’s product or service from the customer’s point of view, LEAN strips it out.
  • Eliminating waste: Traditional Lean weeded out 7 types of waste- Over-production, Over-processing, Defects, Delays, Unnecessary movement, Unutilized resources, Unnecessary inventory. With time, Lean philosophy has under gone changes too, that is changes for the better. Present day LEAN methodology eliminates 14 different types of waste.
  • Just-in-time (JIT) attitude. Producing anything in anticipation of customer needs is a waste as per Lean philosophy. Instead you produce only when there are orders in hand as in Kanban's pull approach.
  • LEAN works with ‘pull’ system Vs ‘push’ system.
  • Visual representation: Lean uses Value Stream Maps to visually draw out processes and Visual Management to execute and sustain benefits of LEAN processes.
Workshop on Lean Innovation, business process management and continuous improvement executive guide series book, shruti bhat, lean enterprise, lean management, lean startup, house of lean, house of quality, workshops on lean, webinars on lean
Which companies can use Lean?

LEAN can be implemented by Manufacturing as well as Service based companies.

LEAN is best for incremental improvements, organizations that focus on their people and culture, companies that want a less mathematical and more flexible approach than Six Sigma. But you can strive for a break-through Six Sigma improvement by eliminating waste Lean-style.
​
In the next part of this article series I shall discuss another time-tested business improvement methodology; TQM
​​

Related reading:

  1. Business Turnaround and Continuous Improvement Tips and Tricks Part 1 of 6
  2. Business Turnaround and Continuous Improvement Tips and Tricks- Part 2 of 6: Six Sigma in a Nutshell
  3. Business Turnaround and Continuous Improvement Tips & Tricks Part 3 of 6- Agile in Nutshell for Improving Sales & Marketing of Products and Services
  4. Business Turnaround and Continuous Improvement Tips & Tricks Part 5 of 6: TQM in a Nutshell
  5. Business Turnaround and Continuous Improvement Tips & Tricks Part 6 of 6 : Balanced Score Card
  6. ​Continuous Improvement for Human Resources (HR) department via Lean and Kaizen
  7. Lean Manufacturing in Food, Drug, Cosmetics & Chemical Industry

Shruti's books...

Business process improvement methodologies for manufacturing and service industry, bpm, 18 different continuous improvement methodologies to increase productivity, organizational excellence and decrease cost, business process management and continuous improvement executive guide series book, shruti bhat, Continuous improvement tools, 30 continuous improvement tools for investigation and business process improvement, bpm, 18 different continuous improvement methodologies to increase productivity, organizational excellence and decrease cost
Paperback & Digital Editions

​Follow Shruti on Twitter, Facebook, YouTube, LinkedIn
 
​#Manufacturing #Lean #ContinuousImprovement #Kaizen  #QualityImprovement   #BusinessProcessManagement  #ServiceIndustry  #ManufacturingManagement      #LeanManagement #KaizenLeaderMasterclass #LeanSixSigma #LeanManifesto #LeanManufacturing
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Business Turnaround and Continuous Improvement Tips & Tricks Part 3 of 6- Agile in Nutshell for Improving Sales & Marketing of Products and Services

2/20/2019

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business turnaround and continuous improvement tips and tricks part 3 of 6, Agile in nutshell for improving sales and marketing of products and services
Originally developed to address the pitfalls of traditional project management when applied to software development projects; Agile is now an approach you can adopt for process improvement projects in almost any industry.

Instead of putting majority of efforts into one long-range plan, Agile operates on a succession of tiny ‘sprints’ with significant measuring and re-evaluation between (and during) each sprint.
​
Agile management methodology is an excellent tool for bringing forth Breakthrough Improvement. Agile can be used to bring forth Continuous Improvement too. Moreover, Agile can be used native or can be combined with Lean or Kaizen to augment benefits achieved with Lean, Kaizen implementation.

Learn more about how Agile can improve your Sales & Marketing function, increase  Topline, Bottom line and Market Share at our Workshops & Webinars-

Continuous Improvement Tools workshop by Shruti Bhat, 100 continuous improvement tools discussed in detail along with workbook, games and exercises
2 Full Days Workshop
Worksop on agile kaizen for improving sales and marketing, shruti bhat, business process improvement, continuous improvement workshops
1 Full Day Workshop
For workshop brochures and other details Contact Us
Agile Manifesto:

  • Short delivery time: Milestones are rarely more than a few weeks out.
  • Individuals and interactions over process and tools. Working software over comprehensive documentation.
  • Focus on customer needs: The desires of the customer take front and center in determining the order of processes, projects, product releases, new features and related decisions.
  • Customer collaboration over contract negotiation.
  • Responding to change over following a plan.
  • Customer involvement: Instead of just involving customers at the start and end of a process, Agile teams communicate with them throughout the entire creation process.
  • Minimal documentation: If the document doesn’t directly enable the creation of results, an Agile environment usually foregoes it.​​
workshop on agile kaizen, shruti bhat, wwwDrShrutiBhat.com

​Which companies may use Agile?

Agile is best for technology companies, smaller teams, companies that are (or can become) comfortable with a rapid pace and companies with products that constantly change, as opposed to a relatively standard product line that is constantly reproduced.

In the next part of this article series, I shall discuss the most important and extremely popular Business Improvement methodology: LEAN
​

Related reading:

  1. Business Turnaround and Continuous Improvement Tips and Tricks Part 1 of 6
  2. Business Turnaround and Continuous Improvement Tips and Tricks- Part 2 of 6: Six Sigma in a Nutshell
  3. Business Turnaround and Continuous Improvement Tips & Tricks Part 4 of 6- Lean Manifesto
  4. Business Turnaround and Continuous Improvement Tips & Tricks Part 5 of 6: TQM in a Nutshell
  5. Business Turnaround and Continuous Improvement Tips & Tricks Part 6 of 6 : Balanced Score Card
  6. Continuous Improvement for Human Resources (HR) department via Lean and Kaizen
  7. Lean Manufacturing in Food, Drug, Cosmetics & Chemical Industry
Follow Shruti on Twitter, Facebook, YouTube, LinkedIn

#ContinuousImprovement  #Agile #AgileKaizen   #BPM  #LeanManagement  #KaizenLeaderMasterclass  

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Popular Workshops & Webinars on 'Continuous Improvement' for Service Industries

2/14/2019

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Increase Customer Satisfaction, Service Efficiency and Reduce Product Returns with Lean, Kaizen and Other Continuous Improvement Methodologies.

Popular Workshops & Webinars on Continuous Improvement Conducted by Dr. Shruti Bhat for Service-based Companies-

Lean for service industry, business process management and continuous improvement executive guide series book, shruti bhat, lean enterprise, lean management, lean startup, house of lean, house of quality, workshops on lean, webinars on lean
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visual management workshop by Dr Shruti Bhat
Workshop on kaizen for healthcare, shruti bhat, business process improvement, continuous improvement workshops

    For brochures and other details Contact Us

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About Shruti Bhat PhD, MBA, Certified Lean Six Sigma Black Belt
 
Dr. Shruti Bhat is an award-winning Business Excellence Leader, Global Continuous Improvement Mastermind, Best-selling Author and Speaker. She is Continuous Improvement Advisor to several start-ups, mid-size and growing firms in Canada, USA, India, Africa and Emerging markets. She has authored eight business books and is an invited speaker at several national and international conferences, symposia and workshops.

Follow Shruti on Twitter, Facebook, YouTube, LinkedIn
 
#Manufacturing #ContinuousImprovement #QualityImprovement  #Innoworks  #eLearning  #ServiceIndustry   #ShiftingParadigms #BPM  #LeanManagement  #KaizenLeaderMasterclass  #LeanSixSigma  #Kanban 
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Popular Workshops & Webinars on 'Continuous Improvement' for Research and Product Development

2/9/2019

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Shorten Product Development Times, Error-Proof Products & Services, Build Quality-by-Design and Increase R&D Productivity with Lean, Kaizen, Six Sigma and Other Continuous Improvement Methodologies

Some of the Popular Continuous Improvement Workshops & Webinars Conducted by Dr. Shruti Bhat to Increase R&D Efficiency -

Workshop on Lean Innovation, business process management and continuous improvement executive guide series book, shruti bhat, lean enterprise, lean management, lean startup, house of lean, house of quality, workshops on lean, webinars on lean
building capability and culture for innovation in your organization workshop by dr shruti bhat
Mistake-proofing with FMEA and Poka Yoke, how to error-proof products and services, how to mistake-proof manufacturing and logistics, how to eliminate rework, how to improve organizational excellence with efficient business processes, risk management for business excellence, shruti bhat
Continuous Improvement Tools workshop by Shruti Bhat, 100 continuous improvement tools discussed in detail along with workbook, games and exercises
design thinking masterclass by Dr Shruti Bhat, continuous improvement for research and development
product development via quality by design, product development via QbD by Dr Shruti Bhat
DFSS and Hoshin Kanrii for innovation and product development, how to mistake-proof product development, how to improve Research and development efficiency, how to improve organizational excellence with efficient business processes, risk management for business excellence, shruti bhat
kaizen masterclass for manufacturing and service industries by shruti bhat

    For brochures and other details Contact Us

SEND
About Shruti Bhat PhD, MBA, Certified Lean Six Sigma Black Belt
 
Dr. Shruti Bhat is an award-winning Business Excellence Leader, Global Continuous Improvement Mastermind, Best-selling Author and Speaker. She is Continuous Improvement Advisor to several start-ups, mid-size and growing firms in Canada, USA, India, Africa and Emerging markets. She has authored eight business books and is an invited speaker at several national and international conferences, symposia and workshops.

Follow Shruti on Twitter, Facebook, YouTube, LinkedIn
 
#ContinuousImprovement #QualityImprovement  #Innoworks  #Innovation   #eLearning  #LeanInnovation    #LeanManagement  #KaizenLeaderMasterclass  
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Business Turnaround and Continuous Improvement Tips and Tricks Part 1 of 6

2/4/2019

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business turnaround and continuous improvement tips and tricks part 1 of 6 by dr shruti bhat

Shruti's books ...

How to choose business process improvement methodology for your organization and measure the positive change, up to speed with workflow, business process management and continuous improvement executive guide series book, shruti bhat Business process improvement methodologies for manufacturing and service industry, bpm, 18 different continuous improvement methodologies to increase productivity, organizational excellence and decrease cost, business process management and continuous improvement executive guide series book, shruti bhat Continuous improvement tools, 30 continuous improvement tools for investigation and business process improvement, bpm, 18 different continuous improvement methodologies to increase productivity, organizational excellence and decrease cost, business process management and continuous improvement executive guide series book, shruti bhat
How to choose business process improvement methodology for your organization and measure the positive change, up to speed with workflow, business process management and continuous improvement executive guide series book, shruti bhat Business process improvement methodologies for manufacturing and service industry, bpm, 18 different continuous improvement methodologies to increase productivity, organizational excellence and decrease cost, business process management and continuous improvement executive guide series book, shruti bhat Continuous improvement tools, 30 continuous improvement tools for investigation and business process improvement, bpm, 18 different continuous improvement methodologies to increase productivity, organizational excellence and decrease cost, business process management and continuous improvement executive guide series book, shruti bhat

​Business Improvement means making the choices and adopting the tools and processes that generate the best result at the least cost.

Cost doesn’t mean only dollars and cents. Rather, cost amounts to everything that impacts all resources, including time and employee engagement. Too often business leaders focus on financial aspects of business while ignoring the effects on the other areas. Trust me, you don’t want to run or work at a business that focuses on cost-savings above all else.

The term efficient and effective business are often interchangeable, but they don’t mean the same thing. A terribly inefficient business process can still be quite effective.

Effectiveness is how often a process gets to its stated end result. For example- making one change that saves 30 minutes of employee time per month may not make significant difference to a firm with 4 to 5 employees, but would free up the equivalent of multiple additional employees if a 1000 employees firm made the same decision.

Producing high quality results in less time and at a lower expense is one of the key tenets of business competition thriving strategy design. Some of these strategies have been codified into formal management methodologies such as- Lean, Six Sigma, Kaizen, Total Quality Management (TQM) etc.

In this series of blog articles on Business Turnaround and Strategic Continuous Improvement, I shall give you snapshots and differences between various time-tested business process improvement methodologies. Further, I shall draw up some of the best practices from each methodology, so knowing the gist of how each method works, will help you narrow down and decide as to which one may work for your situation.

In my next post of this article series,  I shall discuss Six Sigma.

Although Six Sigma methodology is not very sought after these days,  yet I shall touch upon it in this blog article series, because Six Sigma tops extremely effective business improvement techniques for companies aiming breakthrough improvements …

​

Related reading:

  1. Continuous Improvement for Human Resources (HR) department via Lean and Kaizen
  2. ​Decision making tool: Business Process Mapping
  3. How to develop a culture of ‘Continuous Improvement’ in an organization?
  4. Do's and Don'ts of Process Mapping.
  5. What are the limitations of Six Sigma Methodology (in Business Process Improvement)?
  6. What is Continuous Improvement and how can it help an organization?
  7. Business Turnaround and Continuous Improvement Tips and Tricks- Part 2 of 6: Six Sigma in a Nutshell
  8. Business Turnaround and Continuous Improvement Tips & Tricks Part 3 of 6- Agile in Nutshell for Improving Sales & Marketing of Products and Services
  9. Business Turnaround and Continuous Improvement Tips & Tricks Part 4 of 6- Lean Manifesto
  10. Business Turnaround and Continuous Improvement Tips & Tricks Part 5 of 6: TQM in a Nutshell
  11. Business Turnaround and Continuous Improvement Tips & Tricks Part 6 of 6 : Balanced Score Card



Follow Shruti on Twitter, Facebook, YouTube, LinkedIn
 
#BusinessTurnaround #SixSigma #ContinuousImprovement  #QualityImprovement  #BusinessProcessManagement  #ServiceIndustry  #ManufacturingManagement  #BPM  #KaizenLeaderMasterclass  #TQM #Lean
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