Improving Productivity Growth. Lean manufacturing is a concept built on the idea of eliminating waste from all of the activities required to produce a product or service.
Benefits of lean manufacturing include a reduction in the amount of resources required to produce a product or service, more efficient use of employee time, improved quality, and increased profits.
Several additional techniques and strategies have been suggested to compete globally:
1. A stable economy in the United States and examining all government regulations to identify rules that hinder productivity growth.
2. Increased cooperation between management and labor could be fostered to increase employee motivation and participation resulting in improved productivity.
3. Satisfying customers’ needs with quality goods and services.
4. Use of automation, robotics, and technology to lower production costs.