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SP2014 Final Assignment

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solution


Question

Question;When one of the world?s largest lenders discovered that revenues for its Latin American auto financing operations were flat, it embarked on a mission to collect feedback from first-tier customers, in this case, auto dealers. Overwhelmingly, the dealers reported that credit decision response time was the number one issue that the lender needed to improve. A quick initial credit decision keeps the customer from shopping elsewhere, both for a car and for the financing.A team of Six Sigma Black Belts from the lender then began to quantify the effects of slow response time and learned that 40% of credit applications weren?t moving past the initial application stage, either because the application was rejected or the customer went elsewhere for financing. This 40% figure translated into $110 million in lost revenue annually for the lender.Given the voice of the customer (VOC) data, which highlighted the importance of credit decision response times and the tremendous opportunity to capture lost revenue, the lender?s Six Sigma team embarked on an ambitious improvement journey to accomplish three goals:Identify the root causes of uncompetitive response times.Reduce response times to surpass the competition.Increase revenue by converting 5% of ?lost? applications to purchased contracts.="font:>

 

Paper#62252 | Written in 18-Jul-2015

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