I came across this term today and was fascinated to read how IT industry (of which I'm an integral part) is trying to use the principles of manufacturing industry to its benefits. The principles which transformed Toyota company and made it a profit making company, have started creaping inside the strong walls of IT indstry. Wipro already seems to have experimented with this (http://hbswk.hbs.edu/item/5741.html). The basic idea remains to either clean up waste (read non-value adding activities) or smoothen up the processes which lead to the product development. The benefis of the lean implementation is three fold - Operational, Administrative and Strategic Improvements.
The philosophy behind this management can be read at:
http://www.mep.org/textfiles/LeanPrinciples.pdf
http://www.poppendieck.com/papers/LeanThinking.pdf
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