Title: An empirical study of new value creation in financial service companies using design for Six Sigma approach

Authors: Yudi Azis, Hiroshi Osada

Addresses: Graduate School of Innovation Management, Tokyo Institute of Technology, CIC 9F, 3-3-6 Shibaura, Minato-ku, Tokyo 108-0023, Japan; Faculty of Economics, Department of Management and Business, Padjadjaran University, Bandung, Indonesia. ' Graduate School of Innovation Management, Tokyo Institute of Technology, CIC 9F, 3-3-6 Shibaura, Minato-ku, Tokyo 108-0023, Japan

Abstract: It is widely accepted that one of the most important things for sustainable growth of companies is the ability to introduce new products, services or business processes that fulfil customers| needs. However, this task is most challenging especially for service companies. Meanwhile, design for Six Sigma (DFSS) has been successfully helping financial service companies to create new values. In this regard, the purpose of this paper is to demonstrate the effectiveness of DFSS for creating new value in financial services through an empirical study of five leading companies. Additionally, a pathway for such value creation is proposed. The results confirm five CSF|s for value creation that are match well with three known performance leveraging strategies. Namely these are market driven, technological innovation and organisational development strategies. Furthermore, the pathway to value creation is based upon customer insight, value interpreted, value translated, detailed service design and piloting and implementing.

Keywords: DFSS; design for six sigma; new value creation; financial services; critical success factors; CSF; empirical study; quality management; market driven strategy; technological innovation; organisational development.

DOI: 10.1504/IJPQM.2011.037734

International Journal of Productivity and Quality Management, 2011 Vol.7 No.1, pp.104 - 124

Published online: 26 Dec 2010 *

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