How can a business encourage continuous improvement in its proces

A business can encourage continuous improvement in its process improvement projects by fostering a culture of continuous learning and improvement. This includes training and development programs for employees, regular review and feedback sessions, and a supportive environment that encourages innovation and experimentation. Additionally, the use of data and analytics can help identify areas for improvement and track progress over time. It's also important to celebrate successes and recognize the efforts of teams and individuals who contribute to process improvements.

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Over the first four years, the bank launched 33 to 51 projects every six months, each involving 1,600 employees. Initial improvements in efficiency averaged 10%; the gains rose to 20% after a year and 31% after two years. However, despite the impressive gains, 21% of projects failed to yield any improvements. Among the 79% that showed initial improvements, many regressed: only 73% were still producing results above baseline after a year and after two years the number fell to 44%. The researchers examined whether projects that were initially successful could preserve the gains and show continuous improvement, but only 51% of them were continuing to improve a year after launch and after two years the figure dropped to 36%.

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Process Improvement

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