Value Stream Management
Business Process Value Stream
Every business is a collection of processes. Some are internal (e.g. manufacturing, accounting, hiring, training). Others are shared with other businesses and/or with customers (e.g. purchasing, new product development, product servicing).
Where there is a process, there are value-added steps—and there is waste. Thus, value stream mapping can also help us improve all our business processes. Industries like health care, banking and insurance are already deriving substantial benefit thereby, and we’re only scratching the surface.
What is Value Steam Mapping
It is the visual representation of the Value Stream: all of the actions, both value-creating and non value-creating, that are required to bring a product from concept to launch and from order to delivery.
It is a pencil and paper tool that helps you to see and understand the flow of material and information as a product or service makes its way through the value stream.