Tracing back to 2001, the CEO of Caterpillar Inc., Glen Barton, introduced Six Sigma to the company’s operational system. In 2018, Caterpillar Inc., a corporation which designs, develops, engineers, manufactures, markets and sells machinery, engines, financial products and insurance, had claimed the 65 th position in Fortune 500 list. Today, Bank of America is listed as one of the Top 10 Investment Banks in the World.Ĭaterpillar, or also known as Cat, is the world’s largest manufacturer of construction and mining equipment. The bank managed to reduce traditional problems such as late posting transactions, encoding errors, and omissions from customer statement. The customer satisfaction in the area of process quality of the investment bank was low prior to the introduction of Lean Six Sigma. The management of Bank of America realized the importance of implementing Lean Six Sigma in the organization as it offers the best set of performance metrics to assess the performance of their operation (Hajikordestani, 2010).īank of America conducts business by focusing on numerical data which includes the number of complaint, the time needed for credit card processing and also the time needed for responding to feedback (Stoiljkovic, Milosavljevic & Randjelovic, 2010). In 2011, the organization was determined to adopt Lean Six Sigma improvement program as an effort to improve its operational efficiency. Operating in 40 countries across the globe, with trading asset of around 11% in the first quarter of 2018. Bank of America is a prominent American multinational investment bank and financial services company.
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