COO of GE Money Philippines Adheres to Six Sigma
Posted by: meikah | 2 May 2008 | 1:58 am
GE Money Bank-Philippines is new in the country, and so in terms of market share perhaps and customer trust it has a lot of catching up to do.
The bank’s new COO, John Hickey, for the Philippines is banking on Six Sigma to help his team toward ultimate customer satisfaction through virtually defect-free processes or products to achieve profitability.
Eric Montelibano, the bank’s VP Communications – Philippines, shares how Mr. Hickey’s plans for GE Money Bank and Six Sigma:
Fixated on the methodology of Six Sigma, having earned the certification as Six Sigma Master Belt, Hickey adheres to this business-driven methodology like a fish in water. During his stints in Prague, he led a diverse team of Six Sigma black belts, process leaders, technology managers, financial planners and analysts wherein he created a business wide shared vision for wing to wing operations proces enhancement and delivered end-customer driven improvements and base cost reduction.
“Six Sigma is a process that GE adheres to ensuring that all of its processes hit the specifications that were set. I was with this team, we were kicking around this Six Sigma in financial services and we came up with certain ideas like starting to measure processes, and we started getting this incredible results…I was hooked,” Mr. Hickey relates, showing his passion for this methodology.
Filed under: Six Sigma Organizations, Finance, GE Money, Six Sigma
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Where is Six Sigma?
Posted by: meikah | 23 July 2007 | 8:58 pm
The New York Times Your Money section features how GE is going through some rough times financially. The company has not been able to get their stocks moving to a significant high. It even had to write off $3 billion in reinsurance, sell stuff, buy things, and the earnings growth rate has not reached the targeted 15 percent.
GE is one of the big companies that has been associated with Six Sigma. For years, it has boasted of savings and benefits brought about by its Six Sigma strategy. Other companies even look up to GE. But with what’s happening at the company right now, I’m sure it has raised a lot of questions such as:
- Where does Six Sigma figure in all this?
- At what point did Six Sigma fail the company? Or did it?
- Can Six Sigma help improve GE’s bottomline?
- Can Six Sigma save GE?
- To be successful in all aspects of business, does a company need more than Six Sigma methods?
Does anyone have the answers?
*Photo from the NYTimes article
Filed under: General, Six Sigma Organizations, Finance, Sustainable Business, GE, GE Money
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GE Money and Six Sigma
Posted by: meikah | 16 April 2007 | 9:38 pm
General Electric, with Jack Welch, and Lean/Six Sigma make a perfect pair as the former strives for perfection and continuous self-improvement, and the latter showing the way how to achieve just that.
The partnership of Lean/Six Sigma, or LSS, and GE has been so good that it is only natural that GE Money, the consumer and small business financial services unit of GE, will also adopt LSS.
CFO.com highlights the benefits of LSS to GE Money, which used it for financial-services operation, such as loan or credit-card application processing. In just three years since GE Money adopted LSS workouts, it was able to do the following:
- In a GE operation in Thailand, where after an LSS workout session, the company was able to cut the processing time for auto loans by 40 percent.
- Reduce the number of fields on an application form for credit cards to make it quicker for the applicant, and work to reduce its application process from 30 days to 2 days.
- Shuffle desks around in the underwriting unit so that there are fewer handoffs.
- More importantly, through LSS workouts, they are able to compile a big dashboard that shows which processes were unnecessary, thereby reducing wastes.
Source:
CFO.com, Six Sigma in Shenzhen
