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In today's fast-paced business environment, businesses need a performance framework that can grow over time, be benchmarked against the competition, and stretch the imagination of employees and stakeholders. Capabilities and maturity models can better position your business for future competition and unforeseen threats and opportunities.

Six Sigma has always been an initiative targeted toward improvement in quality and providing value to the customer. However, it has been observed by several companies including Motorola, and Honeywell, that Six Sigma helps reduce costs as well. The simple philosophy of reducing defects is a deciding factor in cutting costs.

Six Sigma may have turned out to be one of the greatest success stories of our time, but even so, businesses need to address caution obviously because there can never be a system that's completely failsafe or risk free.

It's likely that you have heard quite a lot about Six Sigma and the benefits associated with it. But, do you really understand what it signifies and how exactly does it achieve all the prominent objectives such as cost reductions, process improvements and quality enhancements?

A simple definition of Six Sigma would be that it is a quality management system with three main objectives (i.e., reducing costs, improving quality and achieving highly efficient business processes) wherein the defect rate never exceeds 3.4 per million opportunities that might exist for such defects to occur. So, how exactly does Six Sigma manage to achieve such seemingly loftier goals and objectives?

Over the years, there have been innumerable Six Sigma implementations worldwide - and what is noteworthy is that most of them have turned out to be successful. When we talk about Six Sigma implementations, it would be worth mentioning that more often than not it is Six Sigma professionals such as Black Belts and Master Black Belts who take all the credit for successful Six Sigma implementations.

Just a few decades back, businesses concentrated more on the profitability aspect when designing new products or services. However, with quite a lot of products and services failing to achieve desired results, businesses were forced to rethink their strategies - and most importantly, identify the main reasons responsible for such failures.

When Six Sigma Training concepts and methodologies were first developed, they were used mainly for reducing the defect rate. However, over the years many new offshoots of Six Sigma have come into existence, obviously because businesses wanted to achieve a lot more than just a reduction in the defect rate.