What are the 7 wastes killing business efficiency?

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The 7 wastes are activities identified in an organization that do not add value but cost money. It is estimated that only 5% of our time actually adds value to the customer; if this indeed is true, it means that every company can learn from the 7 wastes to cut out wasteful processes and increase the percentage of value adding processes. 

The 7 wastes

The 7 wastes in Lean manufacturing can best be remembered through the acronym TIMWOOD. They are:

  1. Transport
  2. Inventory
  3. Motion
  4. Waiting
  5. Overproduction
  6. Over Processing
  7. Defects

The 7 Wastes of Lean Manufacturing