Process Map

Process Map – Process Map Analysis – Process Map Framework – Process Map Business Methodology – Process Mapping is a tool to documenting business processes and is an effective way to think about the inefficiencies associated with each process step. Process mapping is used as part of the Lean Six Sigma toolkit. There may be few process levels with Level 1 usually representing the high level view, level 2 is more detailed with level 3 focusing on procedural.

Key process map symbols include boxes, which represent steps and procedures, diamonds are decision points.
Below sample image is an examples of a Process Map used in business management with legend and explanations on what each symbol means.

process map

Customer Lifecycle

Customer Lifecycle – Customer Life Cycle – Customer Lifecycle Analysis – Customer Lifecycle Framework – Customer Lifecycle Business Methodology – Client Lifecycle model is a key business strategy tool that shows the customer loop from the very initiation through purchase to advocacy. The importance of this framework is in the fact that the client goes through a number of stages and a business needs to be aware of these lifecycle stages and travel with the customer at each phase. There should be a tactic or a strategy for each of the customer phases that a company needs to think of.

Below sample Customer Life cycle chart is a useful business management tool. The stages include: awareness, knowledge, consideration, selection, buying, satisfaction, loyalty and advocacy.

customer lifecycle

Customer Experience Comparison Across 5 Major Canadian Banks: Credit Cards

The comparison was performed in the retail branches between the hours of 12 pm and 2 pm on a weekday (See note 1 below). This was done to examine the banking experience free of additional customer volume interruption and possible teller fatigue following a long shift. The 5 major Canadian retail banks were compared: TD Canada Trust, RBC Royal Bank, Scotiabank, CIBC and BMO. To eliminate possible differences resulting from customer service at different areas, all the branches visited were in close proximity to one another. Finally, the teller at each of the 5 banks was approached with the same request and follow-up questions: “Hi, I am interested in signing up for a credit card. Could you please tell me about your credit card offerings.”

See the full article posted by Marketa Consulting

TD Canada Trust
Information: 3/5
Friendliness: 4/5
Wait time: 1/5
Customer Needs: 3/5
Overall: 3/5

RBC Royal Bank
Information: 4/5
Friendliness: 3/5
Wait time: 3/5
Customer Needs: 2/5
Overall: 3/5

Scotiabank
Information: 4/5
Friendliness: 5/5
Wait time: 4/5
Customer Needs: 1/5
Overall: 4/5

CIBC
Information: 5/5
Friendliness: 5/5
Wait time: 4/5
Customer Needs: 3/5
Overall: 2/5

BMO
Information: 4/5
Friendliness: 4/5
Wait time: 3/5
Customer Needs:2/5
Overall: 3/5

Recommendations
Overall, a few patters and improvement opportunities emerged as a result of this experience. First, it seems that the branch retailer locations are not properly incentivized and/or interested in selling credit card products to prospective customers. To boost credit card sales, tellers could benefit from a streamlined process for assessing and segmenting customer needs. This could be achieved by utilizinga simple tool (e.g. a flow chart, decision matrix, online questionnaire) that identifies customer needs and preferences through a set of yes/no question. Once customer preferences and needs are identified, the teller would then align their recommendations with the most suitable credit card product.

Second, tellers need to be trained to be more knowledgeable and show enthusiasm by actively offering cards and working with the customer to find the best suitable option. This could include being more upfront with advice and being more familiar with the credit card brochures. Narrowing the choices down with the help from the teller would lead to higher sale penetration and better overall client experience.

While it is important to recognize that more and more customers are applying for cards online, the traditional retail channels need to ensure that they can continue servicing customers at the branches. This includes presence of knowledgeable employees and relevant information such as well-designed hardcopies of brochures.

————
Note 1: The output of the study is illustrative of one customer experience and may not give a true representation of the customer experience in aggregate. The study is not meant to favour one financial institution over another.

5S Kaizen Framework

5S – Kaizen 5S – 5S Analysis – Five S – 5S Framework – 5S Business Methodology – 5S model is an approach to solving business problems. Below sample images are examples of 5S used in business management.

5S is a Lean Six Sigma structured method to getting a workplace cleaned up (eliminating waste), organized, standardized and then sustaining the improvements made. Five S name is based on the five Japanese words starting with S. Below is the image of this framework and key benefits of 5S model.


5s

5s

5 Why Analysis

5 Why – 5 Why Analysis – Five Why – 5 Why Framework – 5 Why Business Methodology – 5 Why model is one of the fundamental lean six sigma frameworks and is essential in looking for the root cause of waste and business challenges.

Level after level, 5 WHYs are meant to unpeal symptoms to get to the root cause of an issue. The limit is placed on a number five because looking beyond may not be as viable and will probably go as far as a psychological issues of the business owners; Lean recognizes that psychology is not its competence 🙂 and that the focus is to be at a business level. Below sample images are examples of 5 Why-s used in business management.

5 why analysis

Bullwhip Effect

Bullwhip Effect – Bullwhip Effect Analysis – Bullwhip Effect Framework – Bullwhip Effect Business Methodology – Bullwhip Effect is one of the recongnized recurring issues whereby a sudden spike or a decline in demand from a customer results in much bigger effect on the supply chain.

The longer the supply chain, the more pronounced is the effect with potentially huge variations and volatility for producers of raw materials. Understanding of this effect should limit managers mistakes when it comes to overproduction, ordering of goods and meeting customer demand. Below sample images are examples of Bullwhip Effect.

bullwhip effect

Porters Value Chain

Porters Value Chain – Porter’s Value Chain Analysis – Porters Value Chain Framework – Porters Value Chain Business Methodology – Porters Value Chain model is an approach developed by Michael Porter to complete an internal analysis of a company focusing on its value chain: its primary and secondary activities. Primary activities include logistics, operations, marketing and sales. Secondary activities include infrastructure, human resources, technology and procurement.

Understanding all of these business processes helps develop a business strategy for the company and improve its operations. Below sample images are examples of Porters Value Chain used in business management.

porter value chain

Gap Analysis

Gap Analysis – Gap Analysis – Gap Analysis Framework – Gap Analysis Business Methodology – Gap Analysis is a business tool aimed at identifying gaps and / or problematic areas by a given business process or a department. Usually gap analysis utilizes a point of reference, e.g. an industry benchmark that serves as a comparisson point. Sometimes, benchmark would not be present, as instead you would specify where the business wants to go, and where the business currently is, what is the gap, how can this gap be breached, i.e. development of recommendations.

Below is an example of the stages for gap analysis and sample Gap Analysis representation widely used in business management presentations.

gap analysis

Business Heat Map

Heat Map – Heat Map Business Analysis – Heat Map Framework – Heat Map Business Methodology – Heat Map, also sometimes spelled as heatmap, is one of the business tools and is a form of a gap analysis, where one can quickly identify the problematic areas, usually marked in red, while green and yellow represent strengths and potential for improvement respectively.

Heat maps are very useful in presentations of large amounts of data. They usually list business processes and categories (e.g. by department) in a table full of financials / figures. By looking at the table, one quickly sees where effort needs to be directed and what are the areas of improvement. Below sample images are examples of Heat Map used in business management.

business heat map

HR Strategy

HR Strategy – HR Strategy Analysis – Human Resources Strategy – Hr Strategy Framework – HR Strategy Business Methodology – hr strategy model is essential for the development of talent and leadership within a company, key to the long-term success of a company.

Human resources is one of key business functions and its strategy stands on the following key pillars: leadership development, performance management, talent management, employee engagement and succession planning. Below sample images are examples of HR Strategy used in business management.

hr strategy

Kaizen Continuous Improvement

Kaizen – Kaizen Analysis – Continuous Improvement – Kaizen Framework – Kaizen Business Methodology – Kaizen model is a lean approach to continuous improvement of business processes and is at the heart of the Lean Six Sigma philosophy.

Kaizen worldview or mind frame is meant to be a continuous cycle consisting of the following stages: make problems visible, develop countermeasures, determine root cause of the business issues, hypothesize solution, test hypothesis, implement solution, standardize work. Below sample images are examples of Kaizen used in business management.

kaizen

Project Cycle

Project Cycle – Project Cycle Analysis – Lean Project Cycle – Project Stages – Project Cycle Framework – Project Cycle Business Methodology – Project Cycle model developed as part of Lean methodology and is one of the top business frameworks to structure a lean six sigma project.

Project stages are as follows: Request, Scoping, Planning, Training, Redesign, Implementation, Review and Feedback. Below sample images are examples of Project Cycle used for lean project management.

project cycle

Priority Matrix

Priority Matrix – Priority Matrix Analysis – Priority Matrix Framework – Priority Matrix Business Methodology – Priority Matrix model is one of the frameworks that is useful for setting business priorities by categorizing them by their importance and time to completion.

This is very useful not only for one’s business but also personal life. How do you identify the right priorities in life and make sound decisions? How do you make sure that whatever that you spend your time is actually important? Below sample images are examples of Priority Matrix used in business management.

priority matrix

Sipoc

Sipoc – Sipoc Analysis – Sipoc Framework – Sipoc Business Methodology – SIPOC model is high level view of the process that specifies who the suppliers and customers are, what are the inputs and outputs and what is the high level process. Sipoc is one of the key Lean Six Sigma tools.

SIPOC is quick way to document a business process and ultimately be able to resolve a business issue. Below sample images are examples of sipoc used in business management.

sipoc

Roadmap

Roadmap – Roadmap Analysis – Roadmap Framework – Action Plan – Action Plan Chart. Roadmap is a company’s action plan to realizing a certain business strategy consisting of concrete steps to be undertaken for realization of business goals and priorities.

Roadmap includes a timeline and intiatives categorized by a certain work stream. Below sample images are examples of roadmaps used in business management.

roadmap

Lean Eight Wastes

8 Wastes – Lean Eight Wastes – 8 Wastes Analysis – 8 Wastes Framework – 8 Wastes Business Methodology – 8 Wastes model also known as seven wastes or eight wastes of lean is one of the top Lean Six Sigma business frameworks aimed at establishing various inefficiencies within an organization.

There were 7 wastes in the lean methodology originally however an 8th waste, namely the waste of human intellect, was added to recognize the importance of human beings and their creativity in the business process. Below sample images are examples of 8 Wastes used in business management.

8 wastes

Business Strategy

Business Strategy – Business Strategy Analysis – Business Strategy Framework – Business Strategy
Methodology – Business Strategy model is an approach to developing a company’s strategy and ultimately resolving business problems and creating a unique market position.

The business strategy development process starts with understanding of one’s mission, beliefs and values. Then company needs to understand where it currently stands, e.g. via a conducting a SWOT analysis. Then the company is to set goals and priorities, establish targets and measures and finally develop a roadmap or an action plan. Below sample images are examples of Business Strategy development cycle used by company’s management.

business strategy

Cost Of Poor Quality COPQ

Cost Of Poor Quality – COPQ = Cost Of Poor Quality Analysis – Cost Of Poor Quality Framework – Cost Of Poor Quality Business Methodology – Cost Of Poor Quality model is a Lean framework stating that organizations only see symptoms of poor quality such as rework, scrap and rejects. However, what they do not see is that poor quality affects sales, results in longer cycle times and affects many other business aspects.

The classic depiction of COPQ is an iceberg with only a small portion of the symptoms visible above the surface. COPQ is a Lean Six Sigma approach to solving business problems. Below sample images are examples of Cost Of Poor Quality used in business management.

cost of poor quality

BCG Matrix

Featured

BCG Matrix – BCG Matrix Analysis – Bcg Matrix Framework – Bcg Matrix Business Methodology – Bcg Matrix model categorizes companies and products by the type of market they are in. Matrix has four quadrants divided by the market growth and market share on each of the axis.

Each of the quadrants in the bcg matrix represents a certain market position and is depicted by a symbol a star, which stands for high growth, high market share; the cow (also known as a cash cow) stands for high market share and low growth, a dog for low market share and low growth and a questin mark, which represents high growth but low market share. BCG Matrix developed by the BCG consulting company is one of the top business frameworks. Below sample images are examples of bcg matrix used in business management.

bcg matrix

Porters Five Forces

Porters Five – Porters Five Analysis – Porters Five Framework – Porters Five Business Methodology Porters Five model is one of the top business frameworks allowing managers to make sound decision by evaluating their external environment, including supplier power, customer power, threat of substitutes, barriers to entry and at the center of the model, industry rivalry.

Below sample images are examples of Porter 5 forces used in business management with descriptions of what each of the parts of this model means.

Porters Five Forces

porters-five-forces

Porter’s 5 Explained

porters-5

porters five

porters-five