Is the least visible within a company but its the very heart of all innovation and is in essence the very core of any company. governments around the world are particularly keen on supporting innovation because it creates jobs and usually improves productivity. Increased productivity means in the longer term an increase in standard of living. Indeed process innovation is what defines the ascent of mankind, from the stone, bronze and iron ages to the defining process innovations of our current age, textiles beginning in Lancashire UK in 1750, mass production by Ford in 1910, lean manufacturing by Toyota in the 1980’s and of course the digital revolution.
Productivity is in the long-term the only thing which can improve our standard of living which is why it’s important to governments. one thing we should be aware of is that as soon as any company in the open market *launches new product or service then their competitors are looking at how they can replicate a similar product or service which they might either improve or make at a lower price. It is absolutely critical therefore that companies look at their own internal ‘process’ innovation to keep the company competitive and healthy. )* organisations not within the open market or competing for business are not subject to the need to search for productivity improvements which is why the UK is often trying to introduce privatization initiatives.
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