Six Sigma is defined as "a program aimed at the near elimination of defects from every product, process and transaction". Others defined it as a strategic initiative to boost profitability, increase market share and improve customer satisfaction through the use of statistical tools that can lead to breakthrough quantum gains in quality.
Six Sigma was first launched by Motorola in 1987 which gave it over ten fold improvements. It is also implemented in major companies such as GE, AlliedSignal, Dow, DuPont, Ford Motor Company, Merrill Lynch, Toshiba, and Samsung and LG Group, among others. Six Sigma reportedly enabled billions of dollars in savings as well as sustained earnings improvement. Thus Six Sigma is widely regarded as a new strategic paradigm for management innovation and for survival of business companies. It is used in a variety of industries and business models, from manufacturing to services.
