Track: Operations Management

Abstract

In today's highly competitive business environment, particularly with the global business environment and enhanced market competition, the existence of businesses highly depends on their ability to improve their manufacturing strategies. There are many manufacturing strategies addressed in the literature to achieve manufacturing excellence. Out of various manufacturing strategies, the lean production system (LPS) strategy is becoming an important one
regardless of the size of the industry. SMEs are continuously playing an important role in the manufacturing sector all over the world. Further, SMEs play a very important role in both the economic and industrial growth of every country, irrespective of whether developed or developing countries. SMEs are struggling to maintain their capability in meeting their day-to-day competitiveness due to the high competition in today's global market. To sustain the capability to meet the competition, the SME must be very efficient in their organization by way of reducing many wastes such as overproduction, waiting time, defects, non-value-added processing activities, excess on motion, high inventory, and transportation.

Keywords
Pareto, Global business, Lean, Success factors, production