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Extreme Toyota: Radical Contradictions That Drive Success at the World's Best Manufacturer |
Author: Emi Osono
Published: 2008-05-23 |
List price: $27.95
Our price: $18.45
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As of: January 05th, 2009 11:23:17 PM
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Customer comments on this selection.
 More Theoretical, vs. Applicable
The authors contend that there is more to Toyota's success than its well-known Toyota Production system. They identify several contradictions to illustrate:
1)It cultivates frugality, AND spends big to develop people and projects.
2)Moves forward slowly and gradually, AND makes big leaps.
3)It is operationally efficient AND filled with redundancy.
How to make use of these points, however, is not made clear; for example, #3 is illustrated by Toyota having excess people in sales and meetings. The value of doing so, however, was not made clear.
The most interesting portion of the book involved a few relatively unknown facts. Toyota's dividend payouts are low, averaging 20% of earnings over the past ten years (Daimler-Chrysler = 47.5%.) The result is a cash hoard ($20 billion in 2007), and a mediocre ROIC. Average compensation for its top 33 executives is about 10% of Ford's. Finally, the founding Toyoda family owns just 2% of the firm, vs. Ford (40%), and BMW (50%). So much for several American common practices.
 Good manager level book on TPS.
Having read most of the detailed TPS books, this one was a bit to theoretical. Realize it was likely written for the MBA crowd....
I still find it a bit odd that Toyota subject books tend to avoid the fact that no company is perfect. Wouldn't trade the hectic workweek it sounds like the Japanese based staff work for anything. I liked the references to the CEO's push even thought business was good at the time.
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