In today's increasingly changing and competitive marketplace, it is essential that companies continually improve their processes to achieve long-term growth. By adopting the operational excellence initiative, companies can realize increased revenues, quality improvements, a more empowered workforce, and enhanced customer relationships.
Maintaining operational excellence increases the chances of success since it positively impacts the organization on several levels. In many ways, it is a necessity that companies adopt the practice to survive and stay ahead of the competition, especially in today's volatile economic conditions. In this post, we’ll dive into why, exactly, operational excellence is important.
Operational excellence ensures that improvements are made for continued growth to gain a competitive advantage. The Harvard Business Review's research demonstrated that companies with peak operational excellence have 25% higher growth and 75% higher productivity. Without operational excellence, it is difficult to not only increase profitability, but continue to operate efficiently.
The following important reasons are why operational excellence is essential for your company's survival.
While companies were forced to take a reactionary approach in light of the global pandemic, those that followed the tenets of operational excellence and were agile, embraced technology, and streamlined decisions and processes, had fewer disruptions.
Operational excellence focuses on creating and continually improving value streams to produce quality products that customers demand. The operational benefits to manufacturing includes enhanced on-time delivery, and improvements in inventory turns, lead time, performance, budget, and quality.
Contributing to the overall growth of the business rather than simply producing the product is the premise behind the operational excellence concept. Operational excellence reduces costs by doing more for less, resulting in increased profitability. Companies that do not focus on improvement and growth will fall short in customer satisfaction, realize financial loss, and ultimately fall to the competition, especially during these turbulent times. MetaExperts™ is global network of Operational Excellence (OpEx) deployment experts and resources for flexible, on-demand short-term contract or contract-to-hire needs. MetaExperts™ align with your industry and OpEx initiatives and are thoroughly vetted through our unique 300+ Screening and Evaluation Process and aligned to your organization using a 47+ alignment process to ensure you get the right talent to solve your specific situation. To learn more, visit https://MetaExperts.com
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