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On November 14th, 2020, Value DeFi, a US-based financial platform, suffered a loss of $7.4 million in stablecoin cryptocurrency. To analyze this incident, DeFi hired an industry-leading blockchain security company, PeckShield Incorporations.
They concluded that the incident happened due to a bug planted in the protocol that helped the hacker manipulate and redeem an inequitable 3crv token (cryptocurrency).
But how did PeckShield Inc analyze this? By answering the question - Why?
Just like the questions in the mind of a curious toddler, PeckShield conducted a root cause analysis and asked the customary endless chain of whys. The result - the firm was able to reach the bowels of the issue and arrest the crisis before it grew to devastating proportions.
Therefore, to solve or examine a given business problem, it is paramount first to understand…
The core of root cause analysis
RCA or root cause analysis is the process of discovering the fundamental cause of a problem for making substantial and appropriate solutions.
It includes a wide range of approaches, tools, and techniques that systematically help prevent and solve underlying issues rather than treating only the ad hoc points. Additionally, root cause analysis is a reactive approach and is applied only after an error or adverse event happens.
Many changes happen in business every day, and it becomes essential to know exactly what is driving a given change - more so if it is unexpected. Nonetheless, to help you implement the complex root cause analysis process in your business, we have jotted down four actionable steps, each presenting five exclusive PowerPoint templates. Let’s lay them bare one by one!
1. Identify contributing factors
Initially, you have to conduct a situation analysis to identify the problem. Determine the common factors that cause or contribute to the issue such as the events that lead to or co-exist with the central problem.
Here you can implement the “why” technique by forming five valid questions. Additionally, you can utilize these amazing templates to present your findings effectively.
This template will help you identify the fundamental and underlying reason for a problem. It includes a 3-stage training smart art highlighting distinct techniques. So download it and captivate your audience.
Pick this design to critically determine the source issue of a customer complaint. Besides, it includes a chart that can be easily edited. So grab it immediately and make the desired changes.
This well-designed template can be used to analyze the principal cause of any problem. Add it to your presentation and implement the “5 Whys” technique by asking a sequence of questions. Download and utilize it to your advantage.
Use this template to improve your company’s operational efficiency by conducting a root cause analysis. Find the recovery areas and set a brainstorming session with your team members. Download it right away!
Choose this exclusive template and create an impressive RCA process presentation. It includes parameters like non-conformity, lessons learned, root cause analysis, and corrective actions. So download it instantly without any second thoughts.
2. Sort to find the root cause
Here you need to identify the reason that has created the contributing factors. Analyze why and for what they exist. Drill down at each level of the cause and effect process, or construct a root cause tree. You can also use brainstorming methods, a fishbone diagram, or other logical techniques. Ponder on these templates and identify the root cause successfully.
Determine the unnoticed and unattended issues in your organization with this innovative root cause tree template. This slide is designed by our team of professionals. So grab it and make the changes as per your company information.
This template describes the issues and problems along with presenting technological solutions for them. So you can grab this incredible design and share an overview of your root cause analysis process. Download now!
Choose this fishbone root cause PowerPoint template to categorize the potential causes to a given problem. The design is easy to edit. So download and customize it with a unique set of conclusions.
This template depicts the six essential steps to help your business figure out the negative events. You can look at the complex systems around those issues and identify key points of failure. Download now!
Manage resistance to change in your business with this root cause analysis template. The design includes a series of triggers that act as a hindrance to the project. So download and share it with your superiors using Google Slides.
3. Analyze the challenges
Here you can use the FMEA (Failure Mode and Effects Analysis) method to ascertain the severity of the problems and their impact. Besides, you can determine the issues in advance, conduct compliance audits, supervise approvals, and test new improvements. Explore these intuitive templates and make the desired changes.
Determine your process shortcomings with this meticulous FMEA root cause analysis template. Analyze the problems that need urgent attention and take appropriate actions to prevent similar issues from happening in the future.
Determine the what, how, who, and when of your project with this well-crafted template design. Download and modify it to eliminate errors and solve the obstacles concerned.
Download this template and explore the cause-effect relationship pertaining to a particular problem. Besides, you can share multiple effective solutions in this presentation and implement the most cost-effective one.
This template includes the Kepner-Tregoe method for solving a problem. Use it to equip individuals and teams with the correct tools and find the root cause of problems systematically. Download it instantly and prevent the issues from reoccurring.
Pick this design to create a simple and robust root cause analysis report. Add your problem, the reason, and the measures that will prevent it from happening again. Download this exhaustive resource and get started!
4. Prioritize the critical issues and set a budget
Lastly, to complete your root cause analysis process, rank the severity of problems on priority, consider their costs, set a comparison between them, and improve your operations to achieve the desired outcome. The following templates will help you prioritize solutions accurately. So check them right away!
This content-ready root cause analysis template includes a funnel diagram for representing the process skillfully. The design exhibits pointers like the definition of problems, inquiry, temporary measures, real causes, solutions, and implementation.
This is yet another descriptive RCA template that can be used to create investigative team reports. You can include the findings, major concerns, and ideal solutions for prominent problems. So grab it right away!
This template depicts a daily assurance quality report with root cause analysis. So employ it and analyze the raw material, bills, quality requirements, and customer complaints. Download now!
A root cause analysis plan is solemnly conducted for identifying problems and taking corrective measures to prevent repetition. Therefore, create a corrective action plan for your company by picking this lucrative template. Download it and make the required adjustments.
This PowerPoint template can be used to conduct a root cause analysis. You can download it to represent the problem statement, situation, complication, scope, and hypothesis. Additionally, find the root causes and prioritize them.
Your company's RCA process should not only solve the underlying problem, but also fix future issues of a similar nature. So incorporate a suitable RCA tool by picking among the Fishbone diagrams, Pareto charts, 5 Whys, Scatter diagrams, and more using our well-researched templates. These will indeed act as a secret sauce in your root cause analysis recipe.
P.S: You can analyze your company’s RCA process with more fluidity by exploring our impressive fishbone diagram templates featured here.