What are the 7 wastes killing business efficiency?
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:
- Over Processing