“The Software industry is relatively young with fewer years of knowledge accumulation. The Construction industry has more mature project management skills whereas the Automobile industry is the best in class for production best practices.”
Wealth Management System Limited (WMSL) introduced Toyota’s 7 Wastes and the philosophy of Kaizen to its staff as its commitment to learning from the industry's best in class to further enhance the process and quality management in its strive to Excellence. The ideas behind the 7 Wastes were developed as an integral component of lean from its origin at Toyota and the result was the Toyota Production System (TPS). Regardless of the industry, the 7 Wastes provide a guiding set of principles to help reduce waste. At the core of the 7 Wastes is the philosophy that excessive use of resources, unnecessarily idle resources, movement of resources and defective resources are all wastes to be eliminated.
On the other hand, kaizen (which means ‘Continuous Improvement’) is the heart of TPS. Kaizen in practice means that all team members in all parts of the organization are continuously looking for ways to improve operations, and people at every level in the company support this process of improvement.
WMSL believes that adapting this philosophy would be able to maximize quality, minimize waste and improve efficiency to develop the company’s business operations continuously, and increase the quality it offers to the customers.