Muda, Mura, Muri… How can these concepts impact the financial services industry?
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Muda, Mura,
Muri…
How can these concepts
impact the financial
services industry?
Context/History of Lean
• Definition of Lean
• Toyota
Slide 2 © 2009 GAMA International
Sources of Waste
• Muda, mura, muri
• 7 Sources of waste
– Overproduction
– Errors
– Needless movement
– Excess inventory
– Overprocessing
– Waiting time
– Transportation
Slide 3 © 2009 GAMA International
Lean Financial Services Cutting costs while reducing risks
• Process improvement
• Performance Management
• Mindset & Capabilities
Slide 4 © 2009 GAMA International
Process Improvement 7 Design Practices of Lean
If you want to get lean, you might have to get a little mean.” - James P. Womack
• Place linked processes near one another
• Standardize procedures
• Eliminate loop-backs
• Set a common tempo
• Balance loads
• Segregate complexity
• Post performance results
Slide 5 © 2009 GAMA International
Performance Management
• Every employee has True North Metrics
• Daily meeting with team to review
metrics
• Regular review of metrics with
individuals
Slide 6 © 2009 GAMA International
Mindsets and Capabilities
• Serve the customer
• Pursue “active honesty”
• Decide carefully, implement quickly
• Candidly admit imperfections
• Speak honestly and with deep respect
• Go see and listen to learn
• Deliver on meaningful challenges
• Be a mentor
Slide 7 © 2009 GAMA International
Solutions to Waste – Part 1
• Overproduction
• Errors
• Needless movement
Slide 11 © 2009 GAMA International
For internal use only. Nothing contained in this document shall be disclosed outside State Farm unless proper authorization is obtained. 1
2
Weekly Huddle/Performance Board
Metrics Trends
Recognition
Key
Performance
Indicators
AFO
Targets
Week __
Results
Auto
Fire
Life
Bank
Mutual Funds
% MLD All
Policy Types
Issues
Auto Fire Target
Actual
Topic Action Owner Due Date
Life
% MLD All Policy
Types Mutual Funds
Bank
Role Clarity/Critical Tasks
Role Clarity/Critical Tasks Identified
Tasks Leader Consultant Specialist Secretary
1) Reports X X
2) Promotions Tracking X X X X
3) Calendar Management X X
4) Company Car Management X
5) Supply Management X X
Slide 13 © 2009 GAMA International
Auto Bank Marketing Training
Retention
Acquisition
Acquisition Gain
Auto, Fire, Bank
Corporate Relationship
Technology
Prospector+
Product Training
Defined systems/Continuity Manual
Slide 14 © 2009 GAMA International
Checkpoint System
Slide 15 © 2009 GAMA International
Solutions to Waste – Part 2
• Excess Inventory
• Overprocessing
• Waiting Time
• Tranportation
Slide 17 © 2009 GAMA International
Housekeeping
• Seri – Sort
• Seiton – Straighten
• Seiso – Shine
• Seiketsu – Standardize
• Shitsuke - Sustain
Slide 18 © 2009 GAMA International
Sales Process Diagnostic
Slide 19 © 2009 GAMA International
Weekly Huddle/Standing Agenda
Slide 20 © 2009 GAMA International
Producer -Role Clarity/Critical
Tasks
Slide 22 © 2009 GAMA International
Defined Systems/Continuity Manual
Slide 23 © 2009 GAMA International
OSOEz – Outlook Shared Office Efficiency
Slide 24 © 2009 GAMA International
Takeaways
• Sources of Waste
• Process improvement
• Performance Management
• Mindset & Capabilities
Slide 27 © 2009 GAMA International
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