In Part 4 of our eight-part video series, we look at how digital simulation technologies like finite element analysis (FEA) make product testing more efficient and cost-effective in both short- and long-term contexts.

As busy as they are, leaders need to find ways to observe fundamental work processes in their organizations. When they do, they usually discover that there are gaps between theory and reality in how works get done. Michael Morales’ experience — in which identifying and addressing such gaps led to his company saving $50,000 in just 60 days — is a case in point.

Some people suggest that the concept of “big data” is nearing the end of its fifteen minutes of fame. They couldn’t be more wrong — because big data isn’t just about managing social media, unstructured data or massive data sets. It is an approach to data and analytics that finds new ways of looking at information — and it’s here to stay.

Accurate measurement of cost savings in the supply chain is easier said than done. But learning how to address the measurement and reporting challenges can make businesses more profitable and more competitive.

Looking for ways to keep the cost of materials and supplies low? In an article in the Spring 2009 issue of MIT Sloan Management Review, John A. Pearce II discusses the opportunities represented by product reconstruction.

In the last 12 months, “innovation has become more important, not less,” according to innovation expert Vijay Govindarajan.

Here’s another example of a company reporting economic benefits from environmentally sustainable practices.

Michael Schrage of the MIT Center for Digital Business sees inexpensive digital business experiments as a form of “innovation risk management.”

Need to lower costs? Think about “re-featuring” your product, suggests Scott D. Anthony of Innosight.

In this downturn, some companies are trying cost-cutting measures such as reducing workweeks, offering or requiring unpaid time off, or cutting executive compensation.

While layoffs make headlines, some companies are finding creative ways to respond to the recession.

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.

There comes a time when corporate governance has little influence over performance, because competitive forces cut away at management fat. That’s according to researchers at New York University’s Leonard N. Stern School of Business, who studied the performance of companies before and after 30 anti-takeover laws were passed in different states between 1985 and 1991.

Companies create product versions from multiple components. The big challenge is how to take the available components and combine them into the product versions and product lines that will maximize profits.

How leading companies use price, speed, quality and flexibility to drive innovation and shareholder value.

Effective product returns strategies and programs can result in increased revenues, lower costs, improved profitability and enhanced levels of customer service.

Too many managers still view their workforces as costs to be controlled and cut. There is a better way, but it requires organizational and societal will.