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Comment by: Geraint Chamberlain, Head of Professional Services, Target Group
'Lean thinking' remains relevant today to any organisation seeking to improve inefficient processes and increase customer value.
And as financial institutions continue to get squeezed, they could learn a valuable lesson from 'lean thinking', especially as an alternative to off shoring and branch closures for cutting costs.
The principles of 'lean thinking' comprise customer identification and value specification; value stream mapping; waste elimination; response to customer pull and pursuit of perfection.
By defining the product or service elements deliver most customer value, all non-value activities can be targeted.
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Target 's Standard & Poor's rating has been upgraded to 'Above Average' for primary servicey of residential mortgages and consumer finance loans in the UK.