WHY PROCESS INNOVATION IS CRITICAL

22 Feb WHY PROCESS INNOVATION IS CRITICAL

Posted at 12:22h in Uncategorized by

While product innovation captures the most outside attention, process innovation occurring behind the scenes can fuel significant competitive advantages for companies willing to put in the work. Optimizing business processes saves money, drives efficiency, unlocks new capabilities and directly impacts the customer experience.

There are compelling reasons for companies across industries to invest substantial time into process improvement and innovation:

  1. Streamlining processes like order fulfillment, supply chain management and manufacturing can substantially cut costs. Savings then translate into higher margins, more competitive pricing, increased marketing budgets or raises for employees.
  2. Smoother processes mean faster outcomes in many cases. Quicker delivery of products accelerates cash flow. Faster resolution of customer service issues boosts satisfaction. More efficient software development gets cutting-edge tools to market quicker.
  3. Many process innovations directly enhance the customer experience. Friendlier return policies and faster shipping options are a byproduct of back-end optimizations occurring within the business.
  4. Updated processes allow businesses to take advantage of emerging technologies like artificial intelligence, big data analytics, cloud computing and automation. This enables predictive capabilities and customization previous not possible.
  5. Process improvements fuel further innovation across the organization. They free up resources, expand capabilities, spark new ideas through collaboration and allow companies to then double down on transformational initiatives.

 

To pit it simply, no world-class organization gets there without process innovation complementing any product innovation occurring simultaneously. They work hand-in-hand to drive growth. As global competition intensifies along with customer expectations, no well-run company can affort to neglect process innovation in favor of only innovating what the public sees on the outside. Behind most market-leading products lies elite processes powering everything seamlessly.