TIM WOODS 8 proven actions to increase profitability by reducing wastes, and improving productivity.
Productivity improvements can begin in very simple ways.
Look for activities that waste time and resources.
Find ways to remove clutter and improve process that will save time and remove waste.
What is Waste?
Waste = Non-value adding activities
What is Value?
Value is defined by the customer of the product or service. Value is the minimum number of activities required to move a product towards what the customer is buying. If the activity doesn’t add value, it’s waste.
The key question to ask:
“Are customers willing to pay for this?”
If the answer is no, then it is waste, and the activity should be eliminated. Value is defined by the customer for a particular product or service. In order to produce a product or service we perform at a number of activities.
Optimally we want to use the fewest number of activities possible in order to move our product towards its finished state. Any activity that is not adding value to the customer is waste.
TIM WOODS is an acronym for the 8 wastes commonly found within business.
- Over Production
- Over Processing
For definitions and key actions to find and reduce waste, download our free e-book.
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