What is Operational Excellence and how Fintalent can help you hire the best Operational Excellence Consultants
Operational excellence is the ability of an organization to deliver its services successfully and efficiently at all times. It is nothing new. However, the only problem is that most organizations don’t know how to achieve it or they become too complacent in their current performance cycle. For them, operational excellence means an efficiency in processes and systems while at the same time providing a good customer service. A good operational excellence department will cause the organization to be more competitive and will improve efficiency and effectiveness while ensuring quality of service (QoS) for customers.
Fintalent, the hiring and collaboration platform for tier-1 Strategy and M&A consultants has a large pool of business development experts including Operational Excellence Consultants available for hire. Fintalent’s invite-only platform ensures the best consultants are made ready and available for hiring managers. Fintalent’s Operational excellence Consultants are vastly experienced with years of experience drawn from top companies across the world.
Operational excellence is also defined as managing a business so that it can deliver its strategic objectives in the most efficient and effective way possible. This means that the company will identify its unique performance indicators before executing its strategy, then monitor and continually improve operations. To do this, operational excellence requires an integrated approach to business management which provides leadership with the key insights required to understand how their company operates within their industry.
Thinking critically about customers’ needs is the only way to be in a competitive position in the healthcare industry today. The healthcare industry needs to do more than just provide services, it needs to provide them at the right time with the right care and in an efficient manner. Therefore, Operational Excellence is essential in all aspects of healthcare delivery models.
Operational Excellence and Lean Principles
A study conducted by the University of Wisconsin-Madison found that lean principles improve productivity by 24%. This is because lean principles help businesses identify what is important and their core activities. Once these activities are determined, they can then focus on them while eliminating non-essentials which cause or increase waste and delay while minimising or eliminating production errors and vehicle breakdowns to increase customer satisfaction and decrease costs.
Another benefit of lean principles is that they help businesses cope in a changing environment by providing flexibility and improving their responsiveness to customer demand. Lean principles allow businesses to provide a better service to their customers and in turn, this will improve customer loyalty and strengthen the business’ reputation in the market.
There are a number of methods that can be used to implement lean principles into businesses. The implementation method that best suits a particular business depends on the industry, its history and its level of complexity. In manufacturing industries, lean implementation can be done through kaizen strategy by having continuous improvement workshops. In service industries, implementation can be done through value stream mapping where processes are analysed to see how they add value for customers..
Why you need for a lean approach
Successful organisations have been applying the Lean approach, which is a continuous improvement philosophy that involves standardising products and services into repeatable processes. This involves eliminating waste throughout all phases of the process to ensure quality and efficiency. In doing so, they have been able to produce more products with fewer resources, improve employee morale and reduce costs at the same time – this leads to higher profits being made from revenue growth rather than from cost reductions. Achieving operational excellence indicates that an organisation has reached continuous improvement by consistently providing high value products or services at the right time at lower cost.
Innovations in the way that customers, suppliers and employees interact with one another has resulted in a continuous change of business processes. In addition, the economy is becoming more competitive and volatile – it is becoming more difficult to bring in new customers and to maintain existing ones. There is less economic stability for businesses today. As a result, it becomes even more important to maintain a lean operation so they can stabilise their profits by maintaining or increasing sales while at the same time reducing costs.
Existing lean organisations have been able to improve upon their performance by applying new lean techniques such as A3 management – a form of problem solving developed by Toyota which breaks down challenges into smaller goals that are easier to achieve. The company then focuses on the critical few tasks that they need to complete, eliminating all other tasks from their operation until they reach their desired goal.
In addition, continuous improvement has been occurring throughout the US economy in a variety of industries to allow companies to compete in a competitive economy.
The biggest problem facing a business in a highly competitive environment is achieving operational excellence. Well-known companies such as Amazon have been able to achieve great success by applying lean principles in their daily operations by using visual management systems and using A3 management methodologies. Amazon is able to keep up with customer demands by consistently increasing sales while improving efficiency at the same time. Lean principles have allowed online shopping platforms to stay ahead of the competition by providing customers with the information that they need when they need it.
Lean thinking can be applied in different industries, not just by large companies. People are able to apply lean in their everyday lives in order to overcome problems that would otherwise be difficult to resolve. For example, in a small business setting lean is used for process improvement when creating new products or services. Lean is also used in human resources for workforce planning and maintaining an optimum staff level by using job descriptions and performance reviews.
Using lean techniques allows organisations to see the “bigger picture” by getting rid of unnecessary tasks which lead towards achieving operational excellence.
Getting started with a lean approach
There are a number of tools and methods that can be used to successfully implement lean in an organisation. For example, visual management techniques help businesses understand what is happening in their processes and how to reduce cost while improving quality.
It is important to use lean in order to achieve continuous improvement in order to become more efficient and effective in the current economic environment.
Another example of a few tools that can be applied is when A3 Management methodologies are used when creating new products or services. Value Stream Mapping is also used when determining the steps involved in the process of creating a product to gain visibility of how long it takes to make a product and where opportunities for improvement exist.
To implement lean, organisations must first examine their current processes in order to find areas that are not performing optimally. To do this, companies should apply statistical process control (SPC) where they can determine if their current processes are under control by using data collection methods. They should then conduct waste analyses to determine what work can be eliminated while maintaining quality. By eliminating waste, companies can increase their profits by focusing on the most important tasks while engaging employees who will feel valued through participation in continuous improvement activities. Through continuous improvement, companies are able to maintain an efficient operation that has high quality standards.
Lean also requires the use of visual management methodologies. A visual management system helps individuals understand what is happening in their processes through using diagrams that show how work flows and decision points occur during a process. This system allows people to see relationships between each other and gain a deeper understanding of how their work contributes to the overall production process. It is important to use visual management systems, because it allows people to effectively communicate with one another and help them identify areas where improvements can be made.
Value Stream Mapping
Another tool that is used to implement lean principles is a value stream map, a visual representation of a process. A value stream map shows all the steps involved in creating a product or service, from materials being purchased to the distribution of the completed product or service. In order to use SPC and waste analysis techniques, it is necessary to have as much clarity as possible as to where value exists and where waste occurs. Having these two tools combined with lean principles helps companies create an efficient operation that has high quality standards.
There are several things that companies must continue to work on when following lean principles. One of the most important aspects of implementing lean is training employees so they can become experts at process improvement. When people are trained in using these methods they will be able to identify areas where waste exists so they can help reduce costs and improve efficiency. The process should be continuously improved so employees learn new ways to handle situations quickly and efficiently.
Why you need Fintalent’s Operational Excellence Consultants
Operational excellence is the fulcrum of business sustainability. Firms that are unable or incapable of building their operations around excellence would eventually fall down the pecking order not just in terms of service delivery but also with regards to firm profitability as the absence of excellence would in time impair on profitability. Hiring an experienced Operational excellence consultant could be the saving grace for firms determined to satay on the path of profitability or eager to turn the tide and move towards sustainable growth. Fintalent offers hiring managers the platform to hire the best operational excellence consultants with relative ease. Fintalent’s world class operational excellence consultants are available for vastly experienced and available for hire on the platform.
