Lean
Every manager, operations professional, engineer, or "lean manufacturing" expert/consultant will postulate a different definition of lean or lean manufacturing, but it is the use of efficiency, simplicity and technology in optimizing the value adding chain from raw materials to finish goods in customer's hands that defines lean.
Lean is an organizational culture, which must be present throughout all the organization, not just on posters and on strategic mission statements but a way of thinking and doing everyday business from back office operations to logistics and distribution.
Although lean focuses on efficiency and the effective use of resources while maximizing outputs out of a process, it is imperative not to comprise on quality. Many adopters have taken to lean as a cost reduction "use only what you need" approach at the detriment of quality which in turn only destroys value for customers and undermines the firm's competitive advantage in the long run.
More lean concepts and terms