Recession has taken its beating on the major economies of the world and companies are looking for the way out and struggling to survive by taking various bold move steps involving cost cutting measures. In this market scenario there is impending need for evaluating Six-Sigma principles.
Six Sigma Methodology is now being widely used for improving efficiencies in corporate business world and it has resulted in rich dividends by practicing of Six Sigma disciplined approach. However the penetration of Six Sigma outside the corporate world is very limited and this raises the relevant question regarding the role of Six Sigma in resolving the social and national issues.
Six sigma professionals have been looking for the change in existing business procedures but their scope is limited to their own companies. Black belts professionals are the required for bringing the desired change and they are doing it by organizing small meetings, discussing the issues at hand, finding the solutions, and implementing them. The experience and skills of trained Black Belt can lead to changes which are difficult to achieve.
Risk Management has been the keyword for the survival of organizations in these turbulent times. It can avoid the companies from financial breakdown. Audit firms had failed in understanding the quantum of risk and there were no control and contingency plan in place to avoid this kind of failure.
By looking at the current world scenario one can make out that majority of world population is living below the poverty line and their productivity is restricted to earning their livelihood. Lack of skilled workforce, duplication of work, lack of opportunities etc contributes towards non productivity in most parts of the world. By implementing Six Sigma desired changes can takes place.
There are many areas where application of Six Sigma skills can lead to elimination of waste in the system. Today there is urgent need of applying Six Sigma Methodologies to beat the recession and it has to implemented effectively with complete cooperation from every strata of society and cooperation among various nations.