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TXM Lean Minute – Lean Thinking – What is Value? What is Waste?
Fundamental to Lean Thinking is the concept of value and waste. This simple video explains the concepts so you can start looking for waste in your business
Read the Transcript of This Video
Hi, I’m Tim Mclean and welcome to this TXM Lean Minute
Often when we look at our businesses we just focus on the value creating steps in a process
This employee is polishing parts. That’s what the customer is paying for and that is what is value.
But when we see the whole picture it is clear that there is much more waste here than value.
Value is a small part of the picture and surrounded by waste. Waste is everything happens in your business that does not add value to the customer – and that’s a lot!
Hopefully your business is a bit better organised than the one in this picture, but by finding and eliminating the non-value adding waste in your business you can make dramatic improvements in profits and offer a better service to customers.
If you want to learn more, contact us at TXM. I am Tim McLean and this has been a TXM Lean Minute