Almost all of the top 100 adopted that program at one time or another. Many have now moved on the latest fad, Six Sigma or some other program. GE is one example.
What ever it is called, the idea is to continuously review your operations for waste, bottlenecks and inefficiencies. Have a systematic way to identify, improve, document the changes and follow up on the results. Listen to the people who are closest to the job in question because they know the most about the problem. Management must display the behavior they want in the rest of the organization or it is just a waste of time. Empower your people to make changes that effect their job and encourage everyone to have an “owners” mentality. Lastly remember the most important resource your organization has is not equipment or brands, it is the people of the organization; the rest is just a depreciating asset.