Sounds like Six Sigma but with one less S (which stands for Shit in 6 sigma )
I have experience with both.
IBM took on Six Sigma as a religion in manufacturing in the 1990's. Six Sigma was a dud with hundreds of millions of dollars being wasted on it. Senior execs at IBM would lose face if they said "Six sigma is a failure". One zealot championed it for an extra two years after everyone else had moved on. Management would not tame him because it was they who preached it and his number one job goal was introducing, promoting and measuring six sigma. Corporate stupidity at its finest.
5S on the other hand is very different. Painful to implement, but fabulous when it is up and running. I work in R & D. When I joined 2 years ago, you couldn't find anything anywhere - components, prototypes, dev boards, tools, test equipment, rubbish, documents etc. It was an out of control mess. I introduced 5S. Now everything is sorted, labelled, clean, uncluttered and now us engineers know where everything is. I also threw out crappy tools and bought a high end Tektronix oscilloscope, a MegiQ VNA, a 6 GHz spectrum analyser and other vital tools. Even the crappy side cutters were thrown in the bin and replaced with the wonderful Tronex (USA made) side cutters.
The end result is higher productivity and a happier workplace.