ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Ann Marie Puig explains how to approach process improvement projects in a business

By: WebWire

Customers are demanding more from businesses, and competition is growing in every sector. This fierce competition from both within and outside of the country, combined with a complex, uncertain, turbulent fiscal and economic environment makes it almost impossible to deny that business improvement is essential for a business's survival. Ann Marie Puig, a specialist in business optimization and strategy improvement, offers key tips for managing a business improvement program.

Continuous business improvement is the only way to sustain a business improvement project. If this is not done, it will result in only partial improvements that are temporary and will quickly be overtaken by the competition.

Puig says that business excellence is not an easy goal. It is a gradual process that requires the entire organization to be involved. These are the keys to business improvement projects' success. A few key principles are essential for a successful business improvement project. For example, the right selection of processes that need to be improved is one key.

According to the evidence or problems found, the company must identify the processes that it is most interested in improving. They should then be ranked in order of importance. Customer complaints or claims, problems with suppliers and processes that are too costly, slow or require a lot of response time, or loss of markets are some of the most obvious signs.

It is crucial to visualize problems, mistakes, and areas of improvement in a process or circuit using a graphic representation. Puig says that it is crucial to create effective work teams. The real value of an improvement group is the diverse professionals who make it up. Based on objective variables, the best people should be chosen for each project.

Puig adds, “It's important to have the ability to deal with the problem, the knowledge of continuous improvement methods and tools, leadership capability and empathy, motivation, as well as availability. These tools make solving any problem significantly easier.”

To carry out continuous improvement, there are many methods (e.g., Six Sigma) and tools (e.g., cause-effect diagrams or Pareto). These guidelines should not be considered rigid rules that must be followed but rather as a guide.

Puig says that it is crucial that team members feel at ease with the method used. To do this, it is vital that they receive the right training according to their roles within the group. To make the best decision, it is important to have consensus and align with the company's goals and characteristics.

Monitoring the progress of the objectives periodically is just as important as their achievement. This allows for the corrections to be made. It is important that the objectives are quantifiable and as precise as possible. It is also essential that top management shows commitment.

It may not appear so, but many improvement projects fail. This is because, despite the high motivation of the workers and managers in a certain department, it does not apply to the top positions within the company.

The lack of commitment by the higher hierarchy results in inadequate follow-up and continuity, which leads to a lack or abandonment of the project. This makes it difficult for the improvement project's transfer to other departments or circuits within the organization.

About Ann Marie Puig

Ann Marie Puig is a business consultancy expert. She is bilingual in Spanish and English, and provides reliable and expert business consultancy services based upon years of experience. She is extremely knowledgeable in current technology, eCommerce and a variety of industries. As a result, her clients are able to trust her to offer a more personal service. When she's not active consulting for a business, she dedicates her time to her family and her community.

— WebWireID294993 —


Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.