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How OPERATIONS MANAGEMENT eliminates wasteful resource expenditures | Simplicity Consultancy - YouTube
Channel: Simplicity Consultancy
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how operations management eliminates
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wasteful resources expenditure
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eliminating wasteful capital consumption
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from the systems
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is an essential part of effective
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operations management
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make sure the organization has the tools
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it needs to find and remove waste in all
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fields
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the removal of waste products from all
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of your activities
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is one of the core concepts of
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just-in-time management
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any non-value-added operation can be
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classified
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as waste any activity that adds value to
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the commodity
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is referred to as value-added activity
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find waste to be your adversary and
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aim to eradicate it at all costs you
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must first be able to recognize waste in
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the operations before you can remove it
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many small businesses generate a
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significant amount of waste
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but they do not monitor it furthermore
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many small companies become complacent
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and embrace destruction
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as an inevitable part of doing business
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avoid any of these pitfalls by keeping
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track of the waste
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and attempting to remove it for most
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instances
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good operations management focuses not
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only on waste reduction
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but also waste elimination rather than
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incorporating procedures or attempting
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to handle current ones
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the first step should be to reduce waste
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but first if you're new here
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wastes major components waste adds
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no value to the customer's experience
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and does not contribute to the result
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but has to be paid for it can be found
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at every level of your organization
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in every division and almost every
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operation
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the most commonly found places in
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industry are mentioned below
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7. inventory inventory can be a massive
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waste of money for product-based
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companies
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this is particularly true in industries
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where goods can expire
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any inventory that isn't explicitly
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required to fulfill customers orders
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can be considered waste investigate the
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inventory with sales data
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to ensure you have the bare minimum of
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inventory
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reset manufacturing processes so that
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you're just generating what you need to
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satisfy short selling
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transform the manufacturing process to
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produce
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based on customer demand rather than
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retaining inventory expense
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if you're able to it's not just about
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the goods when it comes to inventory
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it would help if you thought about your
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office equipment and what you hold in
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stock for the management side of your
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company regularly
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over production overproduction relates
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to the inventory of manufacturing
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companies frequently try to keep workers
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busy
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so that their labor is well used
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manufacturing continues and more stock
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is moved into the store
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reduce the number of hours worked and
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trim those that are no
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longer needed you're spending money on
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the product
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the expense of maintaining the inventory
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and the labour involved in making and
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sustaining the development
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during these periods increased
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processing
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it is incredible how many businesses
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employ a complex system of checks and
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balances
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to prevent mistakes but they still
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happen
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when we try to improve the output
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efficiency the company spends
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more money without making a big dent in
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the costs when additional work is needed
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to repair
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problems and errors or to redesign an
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issue that should have been handled the
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first time correctly
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if procedures were carefully followed or
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built upon over processing occurs
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transportation transportation
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it's incredible how much it costs to
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move something
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whether it's material or records items
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are continually transported from one
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location to another in production
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and physical goods even though they may
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sit for a long time
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they're often redirected across the same
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facility
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to make space for more products to be
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transferred
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products are routed further than
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required and labor and energy
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prices for filing stocking stacking and
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transporting products
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continues to rise this transportation
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isn't always allowed
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and employees transfer products at
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random there is an immediate expense
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associated with this
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and extra costs associated with other
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members of the team
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having to spend spare time finding the
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initial items that were not relocated in
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the first place
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downtime downtime occurs regularly
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usually as the duration of forced
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inactivity
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caused by a stalled or under clogged
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downstream operation
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manufacturing may come to a halt due to
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a shortage of components and
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sub-components
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adjustments in orders lowered equipment
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two frequent checks
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company products and much more companies
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should set one or more of the following
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targets
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to achieve that spending reduction
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improve the quality
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your capacity to achieve or exceed
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consumer standards
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is directly influenced by the quality of
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your products or services
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let's assume you market a service that
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has parts from
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three different manufacturers the price
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as well as the quality differs for each
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the cheapest alternative can save you
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hundreds of thousands of dollars a year
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but is more likely to fail while you
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might save money during manufacturing
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the possibility of further failures
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would affect customer satisfaction
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as a result you'll get poor reviews bad
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press and
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lower profits when it comes to saving
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money sometimes
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less is enough eliminate waste
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waste and operation are typically
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accounted for as part of a company's
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payroll
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expenses added into the price charged by
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consumers
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there isn't a single customer alive who
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wants to pay for the company's
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waste and failure to keep costs under
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control
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as a result removing needless practices
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that waste
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time and money but have little benefit
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to you or your customers
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is a critical step in developing
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efficient operations management
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reduce lead time lead times are the
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amount of time it takes to complete
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specific
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tasks or the time it takes to complete
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different steps in a process
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here are a few examples the time it
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would take to accept or return a
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transaction
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after a sales order or purchase order
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has been sent
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the time it takes to transform raw
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materials into finished goods
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when a service or product can launch out
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the launch time is measured from
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point to point the time it takes to
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execute
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a marketing plan from the moment it is
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conceived
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reduce total cost the direct and
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indirect costs of bringing your product
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to consumers
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or selling and providing your service to
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customers make up your overall bill
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there is never a set price and those
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prices can and will change
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it would help if you constantly balance
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the merits of your product service
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against operating costs due to this
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fluctuation
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finding cost cutting opportunities by
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lean processes
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will help you maintain market share
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while also preventing your profit margin
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from declining
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waste monitoring and removal is a
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continuous operation
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waste will continue to accumulate in
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your business if it is not
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systematically sought and eliminated
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you'll find it increasingly difficult
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for unnecessary things to spring up in
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your company
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once you've made a habit of finding and
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removing waste
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the advantages of reduced waste are
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apparent all that's required is some
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action to get the process started
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if you like the video give us a like so
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