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Reducing Defects with Lean Six Sigma
The Master Black Belt led a Lean Six Sigma project to reduce defects in the manufacturing line. The team identified excessive waste and variability as primary issues, resulting in a 15% defect rate. By implementing standardized work procedures and waste elimination techniques, they reduced defects to 5%. This improvement enhanced product quality and increased customer…
Optimizing Sales Forecasting with Analytics
The retail arm of a clothing brand struggled with inaccurate sales forecasting, leading to overstock and stockouts costing around INR 25 lacs per quarter. The team identified a need to have a robust predictive model and hence launched an Advanced Predictive Analytics project. By leveraging machine learning models on historical sales and market data, the…
Transforming Loan Approvals with AI
As a part of an ambitious project, a Kakushin innovation happened with an organization into the lending business. The organization faced lengthy loan approval times, causing customer dissatisfaction and loss of market competitiveness. To disrupt the lending space, they developed an advanced AI platform for instantaneous online loan disbursal. The solution integrated real-time credit scoring…
Aligning Strategy with Hoshin Kanri
Hoshin Kanri workshops are conducted along with the senior management teams where the team aligns the company’s strategic objectives with departmental goals. They facilitated the catchball process to ensure comprehensive input and buy-in from all levels. Key initiatives included expanding into new markets and enhancing customer service. Regular monitoring and adjustments ensured that targets were…
Streamlining Order-to-Delivery Process
A VSM activity was carried out to map the entire order-to-delivery process, uncovering bottlenecks that delayed shipments by an average of five days. Post the identification, the team streamlined information flow and coordinated cross-departmental activities, reducing delivery time to two days. Additionally, inventory levels were optimized, decreasing holding costs by INR 2 lacs per month.…
Optimizing Steel Utilization
A project was done for the construction division of a conglomerate. The construction company was involved in construction activities at multiple sites within close proximity. It faced significant wastage of steel reinforcement bars, averaging about 6% of total steel usage due to inefficient cutting practices and poor inventory management due to decentralized administration of sites.…
Advancing Risk Management with Simulation
A project was undertaken for a global financial institution to improve its Risk Management framework using Monte Carlo Simulation. The objective was to enhance risk assessment accuracy and reduce high-risk loan exposure by 30% within six months. The project focused on refining input variables and simulating thousands of potential outcomes for better scenario planning and…
Refining Credit Fraud Detection
A Lean Six Sigma Black Belt project was carried out at a leading bank which aimed to reduce the false negative rate in credit card fraud detection by 30% within six months. The project involved analyzing the root causes of missed fraudulent transactions, refining detection algorithms, incorporating additional data points, and using advanced simulation techniques.…
Automating Compliance Reporting
A Lean Six Sigma Green Belt project to automate CERSAI reporting was undertaken for a leading housing finance company within 3 months. Key features included automated data extraction, validation, scheduled submissions, real-time tracking for failures, and alert notifications. Financially, the project helped reduce the risk of annual penalties of up to INR 4.5 lacs each…
Ensuring Packaging Reliability
A project was done at a medical equipment company to address the surge in complaints due to packaging failures, leading to product contamination and costly recalls. The key issue identified was inconsistent sealing processes, resulting in a 20% increase in customer complaints over a year. To address this, the team conducted a thorough root cause…