Oct 10, 2011
The Innovation Challenge: Using Process Innovation to Help Fund Product Innovation
The recent round of negative economic news has many business leaders wondering if another recession is just around the corner. That could explain why a recent Gallup poll found that 30% of American workers are worried about their jobs – matching the paranoia level of mid-2009.
Wouldn’t it be easier if we could find a way to make budget without costly cutbacks and layoffs?
There is a way. Process innovation can enhance your company’s output, productivity and cash flow. But it’s important to understand the difference between cost-cutting and process innovation.
Cost-cutting is a simple accounting exercise – cut budgets, trim fat, do less – or do it less well. In tough times, cost-cutting can be ruthless and arbitrary; often, it’s done to appease stakeholders and the markets. Too often, companies “cut” their way into bigger problems as they lose marketing traction or reduce customer service and delivery satisfaction.










