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Critical evaluation of lean strategy (strength and weaknesses) - Essay Example

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This paper is focused on the detailed study of the lean strategy which includes a literature review that identifies the historical background and earlier development of a lean strategy. There are the three basic stages of its development, initiating from about 1850s, which then…
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Critical evaluation of lean strategy (strength and weaknesses)
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Download file to see previous pages Critical success factors that improve the execution procedure are distinguished through human asset reviews, administration style, hierarchical vision of organizations, cultural aspects of the organization and external forces.
Lean strategy directs the company to reduce or remove waste along with whole value creation channels. This makes operations that require less human exertion, less space, fewer assets and capital, and less time to manufacture items and deliver services. This process undertakes fewer expenses and with much fewer discards and operational errors as compared to traditional business frameworks. The main objective of the lean strategy is to give perfect and ideal worth to the customer through a sound value formation process that supports no waste.
Further, the paper also outlines the difficulties that organizations experience when they change their plan of action towards executing another strategy and innovative system to the organization framework that is lean strategy. For superior understanding of the lean strategy, the paper proposes definitions from the developers of the system recognized in the field.
As the world is turning into a global village, internationalization and globalization have taken up the majority space in the corporate world. Now business processes have developed into more efficient and effective processes. This has made the businesses more complicated and has created the vigorous competition in every industry. In such case, strategy lends a helpful thought to corporate to efficiently adjust their business operations while remain aligned with corporate mission and vision, in order to run their successfully and gain competitive edge over others. Pace, effectiveness, and client worth are basic concerns in driving productive outcomes in company. Lean strategy is also one of the strategies that seek to manage and incorporate the operations of the different ...Download file to see next pagesRead More
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