It has been two months since the massive earthquake hit Japan causing an even deadlier Tsunami and failure of Nuclear plants. There has been lots of changes in the world since. From the death of Osama Bin Laden, The Royal Wedding 2011, Faltering of some of the biggest Automobile manufacturers of japan – Toyota, Honda, Nissan, Japan shunning nuclear power for the future, a corpus of $ 50 billions announced for the relief and rehabilitation work of those affected in the Japanese earthquake, Microsoft buying Skype, Attack on Sony servers and loss of private and personal data of millions of online subscribers as well as credit card data being compromised. There has been a lot of action between these two months. This article is a wrap up of what ever important happened during these two months around the world.
The current economic crisis has brought a downturn in almost every industry the world over. First the USA and its banking companies came across the subprime lending crisis leading to the fall of some leading financial institutions that had gone deep into the lending space without taking all the necessary precautions and becoming too liberal to lure the customers from the competitors. Then came the fall of an insurance giant. This had repercussions throughout the banking industry across Europe and Asia too. This was also felt by the banking industry in India.
What ever may happen in Toyota’s case, one thing is sure that minimum inventory is the way to go and that is one of the basic things Lean Management comprises of. Hence IT is time to be LEAN during the MEAN Economic crisis.
This term ‘Lean Management’ was coined after a study conducted by the MIT research team as it found out that the TPS was based on the basic principle of taking maximum output by wasting the minimum resources. So, Lean Management basically means reducing waste from all the walks of work involved in the work place.
Given the records of the Indian Manufacturing Industry, their resource utilization has always been among the lowest worldwide. This is the primary reason for the Indian Manufacturing Industry being left behind the competition in many sectors although the quality of products are at par with others in many cases.