Toyota is famous for its excellent business practices,
keeping with the ‘Customer First’ philosophy. These are usually summarized is what is called
TBP – Toyota Business Practices.
I happened to come across an excellent article about
Prestige pressure cooker (TTK Prestige) and its handling of a crisis it faced. Article is from 2018 and
is an excellent read. Is attached here for a quick reference.
https://scroll.in/article/879898/the-pressure-cooker-innovation-that-rescued-tkk-prestige-from-imminent-bankruptcy
Am trilled by the
fact that Prestige has practiced most of fundamental values elaborated in TPS.
A few which struck me are :
1.
Genchi Genbutsu - go to
the actual source and find the facts by talking to customers/ dealers and ‘experience the facts’.
2.
Find the Root Cause – Identify the single
most factor which is causing the event.
3.
Quick action and consensus – Act fast based
on priority and involve all relevant stake holders.
4.
Yokoten -
Share the new method / standard with all stake holders.
One can easily relate to this
from the article.
Made me believe that the
fundamentals values / process are similar.
I look forward to comments.
Thank you
