Results of a Survey
I recently commissioned a survey to better understand/establish the level of familiarity and usage with financial services Six Sigma (FSSS) in the professional and educational sectors. We decided to target businesses over $10 billion in asset-size and universities with a distinct track record in teaching Six Sigma.
This piece is not really about the overall findings, but more about some of the specifics. Overall, the survey found that most large to mid-size financial institutions have some cursory knowledge of Quality, and a smaller subset has either started an initiative or is planning to launch one in 2008. This was very good news and the executives at these firms should be applauded.
What shocked me right out of the happy zone was the finding that over 75% of university professors either did not think FSSS was any different than manufacturing Six Sigma, or they were not aware of its specific application in the market currently.
If a financial organization chooses not to adopt a particular methodology, it is a simple matter of choice: The executives are either,
i) Ignoring market trends
ii) Simply unaware, or
iii) Do not find the methodology valuable
Conversely, when transitioning this logic to the educational realm, the facts and consequences change. I explain in more detail below:
For a university professor to not be aware of this methodology is simply unacceptable and the implication spells trouble. Instructors at the university level are expected to be well informed and have ready access to trends in their area of expertise. If, as our survey shows, a majority of them are either unaware or cannot distinguish between methodologies, then what specifically are they teaching? How can this person purport to educate the next generation when they are unaware of a significant movement within their area of expertise. As for those professors claiming that FSSS is no different than any other form of Six Sigma, I can only say that they are WRONG. It can be argued that their claim is driven by pure self-interest, but I would only make that allegation on a case-by-case basis.
I will elaborate more on the repercussion of the two above scenarios in my next blog.
Shahbaz Shahbazi - ProcessArc, Inc.
