By reducing wastage of resources including time, money, and effort, lean management is a corporate practice that aims to improve quality and efficiency. Lean manufacturing and lean production are some names for it. The goal is to provide consumers and clients with just the greatest and most value services or products at a fair price.
The Toyota Production System served as the foundation for the lean management idea in the Japanese industrial sector in the 1990s (TPS). Toyota began as a little automaker but gradually rose to prominence on a worldwide scale. As a result, its business model and operating procedures were swiftly adopted. Soon after, other businesses started to implement comparable approaches in an effort to experience the same degree of success. Leading companies today, like Intel, John Deere, and Nike, adopt lean management extensively.