In the last 12 months, “innovation has become more important, not less,” according to innovation expert Vijay Govindarajan.
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Like most major change initiatives, going lean rarely looks good from the start. The operating efficiencies come quickly, yet sales and profits — for a while — get worse. The solution? Adopt a new financial reporting method that captures what’s really happening in the business.
Effective product returns strategies and programs can result in increased revenues, lower costs, improved profitability and enhanced levels of customer service.
Advances in development tools have tremendous potential for increasing productivity, cost savings and innovation. To reap the full benefits of such technologies, though, companies need to avoid some common pitfalls.
In service businesses as in others, work can be performed and stored in anticipation of demand. By wisely choosing what kind of inventory to hold, companies can improve quality, response times, customization and pricing.
The increasingly common practice of migrating business processes overseas to locales such as India, the Philippines and China is often seen as a negative phenomenon that suppresses domestic job markets. On the contrary, says the author, offshoring is a critical component of next-generation business design, a dynamic process of continually identifying how to deliver superior value to customers and shareholders.
Many companies boast that their employees are their greatest assets, but when the going gets tough, they shed those precious assets in an effort to cut costs and boost efficiency and productivity.
Electric utility companies will have to reinvent themselves to change from vertical to “virtual” integration based on value networks segmented into six areas: generation, transmission, distribution, energy services, power markets, and IT products and services.
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