Six Sigma Could Have Prevented A Financial Meltdown

March 16, 2010 - PRLog -- Jack Welch, one of America’s greatest CEO’s and a huge advocate of Six Sigma once said that cost savings of the projects at GE as a result of Six Sigma, would have amounted to the then gross national product of the United States. As a result of Welch’s Six Sigma implementation, GE revenues rose from US$26.8 billion to US130 billion.

And although cost efficiency is important in this current market, there is a theory that proper implementation of Six Sigma could have prevented the financial meltdown in the first place.  

Anand Tamboli, Associate Vice President of Change Delivery for HSBC Technology and Services believes that resistance to change is one of the biggest obstacles faced in Six Sigma. “When it comes to real implementation, ‘resistance to change’ is exerted by every individual in the organization becomes the biggest hurdle of all,” said Tamboli

And when that resistance is being shown in major financial institutions that are the very backbone of a country’s economy the results can be disastrous. “Risk management is the key. Various risk management and identification tools, that Six Sigma has illustrates that if we do not apply them, we will once again head towards another crisis,” he added.

And to ensure cost savings and a better balance sheet for conglomerates, IQPC Asia, will be organizing the 11th Annual Lean Six Sigma & Business Excellence conference, which will be held on the 18th - 19th of May in Singapore.

Organizations have been applying Six Sigma or lean management for over a decade.  While there are many that have reaped immense benefits, some could not sustain results for more than one reason. Majority of the organizations agree that the solutions implemented were either non-scalable or had limited application, and this restricted the sustenance of proposed transitions.

Sally Tan, Conference Director, for IQPC Asia, says that this year the Lean Six Sigma & Business Excellence conference will have streams such as ‘Change Management’, ‘Sustainability’ and ‘Risk Management’ to demonstrate proven ways to cut costs and improve productivity.

“Being able to leverage on the full benefits of lean six sigma and business excellence methodologies will be critical to achieving greater productivity and optimising customer satisfaction.  Companies must ensure that their practises can increase organisational value and are sustainable in the long term to remain competitive,” said Sally Tan.
“The event will bring together over 40 speakers from different industries to share best practises on business improvement strategies and keep abreast of the latest trends in six sigma, lean management and business excellence,” she added.

For more information on the 11th Annual Lean Six Sigma & Business Excellence conference, please feel free to contact:

Bryan Camoens
+65 6722 9406
bryan.camoens@iqpc.com.sg
or visit http://www.sixsigmaasia.com

About IQPC Asia:
For over thirty years, IQPC has helped the world's leading corporations solve their business challenges through the sharing of practical industry solutions and global best practice. In the process, the company has built a formidable reputation for quality and value. During this time, Asia's most progressive companies have benefited from IQPC's unrivalled global reach, which has connected international expertise with regional and local leaders.

About Six Sigma & Quality IQ:
Six Sigma and Quality IQ facilitates access to a wealth of relevant content for Process Excellence, Lean, and Six Sigma practitioners. Further enhanced with an online community of industry peers, they provide the tools and resources to enable more effective performance.  Six Sigma and Quality IQ has been developed to provide six sigma professionals with instant access to information via a comprehensive library of webcasts gathered from six sigma events, as well as exclusive content from leaders in the industry.

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IQPC provides business leaders with tailored practical conferences, large scale events, topical seminars and in-house training programs, keeping them up-to-date with industry trends, technological developments and the regulatory landscape.