Lean Six Sigma Deployment in Finance and Financial Services : Enhancing Competitive Advantages

Finance and Financial Services organizations are faced with the challenges of today’s increasingly competitive and complex business environment. Finance and Financial Services have to enhance their efficiency and effectiveness and pro-actively manage their capability to ensure they meet the organization’s objectives. In this context, it is necessary to find a method to improve the operational performance of Finance and Financial Services. The Six Sigma, Lean and synergies of both (i.e. Lean Six Sigma or LSS) are a key business strategy to enhance the quality and productivity of these organizations. With LSS initiatives, traditional Finance and Financial Services operations are transformed to represent the various competitive capabilities. LSS deployment helps Finance and Financial Services to transform and move from operational to tactical and finally to strategic role. This study explores diverse performance enhancement options and provides various frameworks to identify the various benefits as well as challenges of Lean Six Sigma deployment in Finance and Financial Services. The study also provides various illustrations of successful LSS deployment in Finance and Financial Services