For the financial services industry, operational excellence is a critical factor in cutting costs and reducing risk. Small errors on the front line can have significant consequences, making standardization and cross-functional coordination a non-negotiable area of focus for most businesses.
Lean principles were developed for manufacturing operations but soon jumped the fence to drive process improvement initiatives for inside sales departments, quality, safety, human resources, and every other area of the plant. Not surpisingly, Lean thinking has long since travelled to other industries from silicon valley tech start ups to the global financial services industry. Improvements in the areas of efficiency, waste reduction, standardization, and quality create a solid foundation that eliminates the errors and inefficiencies that increase risk for the business.