According to Womack & Jones, there are five key Lean principles. Quite simply, these can be named as Value, Value Stream, Flow, Pull, and Perfection. Reduction of wastes can be done by applying these Lean principles.

The Five Principles of Lean
  1. Define Value: Define value from the perspective of the final customer. Hence, the first step is to identify customers. Ask yourself, what does the customer value? Figure out customer’s expectations from your products or services. Classify the process activities into NVA, VA and EVA. (See Types of Activities at Value)
  2. Map the Value Stream: The value stream mapping shows the workflow process steps for a product or service. The value stream mapping helps to identify & eliminate NVA activities. This eventually helps you to reduce the process delays and thereby improves the quality of product or service.
  3. Create Flow: Create a flow to the customer by ensuring a continuous flow system in producing products or services. The flow will optimize the process to optimize process efficiency.
  4. Establish Pull: Establish a pull approach by meeting system beat time. The beat time is the rate at which a product must be ready to meet customer demand. JIT (Just in Time) is a tool promoting the pull system. This ensures the smooth workflow of the process without any disruptions. It also helps to diminish inventory levels.
  5. Pursue Perfection (Seek Continuous Improvement): Finally, you must put consistent efforts to improve the existing business processes to cater to ever-changing customer needs. This ensures the elimination of waste and defects of free products & quality service to customers.