NWEYE Emmanuel Nyechi
Department of Marketing
Faculty of Administration and Management Rivers State University
emmamueln.nweye@gmail.com
Abstract
This paper explored the concept of lean waste reduction and its importance to operational efficiency of firms. The study synthesized findings from studies on lean practices and tools in different contexts and their report on the benefits of lean practices. Key themes identified in literature include the positive effect of lean tools like total productive maintenance, mistake proofing, workplace organization and continuous quality improvement. Studies emphasize the importance of effective implementation of lean practices to enhance maintenance, training, and control mechanisms for reducing production waste.
Additionally, the review highlight that lean waste reduction is a viable frameworks firms can adopt to improve the Triple Bottom Line (people, profit and planet). This is tenable because lean waste reduction enhance cost reduction and optimizes lead time. The paper concludes by emphasizing the importance of dynamic capabilities, integrated methodologies, and strategic frameworks in optimizing operational efficiency and promoting sustainable performance in financial services and other sectors.
Keywords: inventory level, lean waste reduction, operational efficiency, order lead time.