Formula One automobile racing has been around for many decades. I find it particularly interesting to track the performance of the F1 cars over the years and compare today\u2019s top speeds with those of bygone vehicles.<\/p>\n
<\/p>\n
In every instance, innovation has played a defining role in the improved track times.<\/p>\n
And, it goes without saying, auto racing is not the only pursuit that has benefited from technological advancements.<\/p>\n
Let\u2019s take a look at the effect that innovation can have on your business.<\/p>\n
Business process innovation may be one of the best options for creating a roadmap for sustainable success. Innovation, in this case, is not defined as a means of reinventing and creating new processes. Instead, it refers to reviewing and improving existing systems and processes which includes taking into account technology needs to help streamline operations and avoid waste.<\/p>\n
The most straightforward and effective method of spearheading this business process innovation is to follow the DMAIC approach \u2013 Define, Measure, Analyze, Improve and Control. DMAIC is a proven quality improvement approach for eliminating defects in your business processes and improving quality-related business metrics.<\/p>\n
Define<\/strong><\/p>\n Business leaders should use this step to prime their teams and the organization as a whole to spell out expectations, project goals and timelines. The Define stage includes:<\/p>\n Measure<\/strong><\/p>\n At this stage, the business leader should take responsibility for establishing current baselines in order to boost evidence-based decision-making, including:<\/p>\n The best way to establish measures is to focus on three key areas: people, processes and technology.<\/p>\n Analyze<\/strong><\/p>\n This step helps leadership move beyond treating the symptoms of business problems by:<\/p>\n The process of verification is absolutely essential in ensuring that decisions are made based on fact and data, and not on intuition alone.<\/p>\n Improve<\/strong><\/p>\n This step allows the team to use what they have understood from the preceding steps to problem solve and innovate solutions that can be developed and tested using a variety of techniques. This phase includes:<\/p>\n Control<\/strong><\/p>\n The final phase of the process is designed to ensure successful implementation of the team\u2019s recommendations by cementing any new methods as standard operating procedures. This involves:<\/p>\n Communicating project success is integral at this stage as it boosts a culture of change within the business.<\/p>\n Optimizing and stabilizing business projects is much the same as keeping a high performance vehicle on the road \u2013 it takes careful planning, a dedicated team, regular maintenance and steadfast attention to detail.<\/p>\n Once you have innovated your processes and removed waste you will be in a position to embrace digital business and making it easier for your suppliers and customers to do business with you. More on this in a future blog.<\/p>\n","protected":false},"excerpt":{"rendered":" Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>Formula One automobile racing has been around for many decades. I find it particularly interesting to track the performance of the F1 cars over the years and compare today\u2019s top speeds with those of bygone vehicles.<\/p>\n","protected":false},"author":133,"featured_media":6527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[29],"tags":[7],"class_list":["post-9057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-supply-chain-management-and-erp","tag-erp-implementation"],"acf":[],"yoast_head":"\n\n
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