How can process optimization improve a company's bottom line?

Process optimization can foster innovation in a business by eliminating unnecessary processes and improving efficiency. This allows for more resources and time to be dedicated to innovative activities. Furthermore, the process of optimization itself often requires innovative thinking and problem-solving skills, thereby fostering a culture of innovation within the organization.

Some metrics to measure the success of process optimization include efficiency, effectiveness, quality, productivity, and customer satisfaction. Efficiency can be measured by the time it takes to complete a process, while effectiveness can be gauged by the success rate of the process. Quality can be assessed by the number of errors or defects, productivity by the output per unit of input, and customer satisfaction by feedback or surveys.

Process optimization aligns with a company's strategic goals by eliminating any processes that don't contribute to the achievement of these goals. It improves various aspects of a business, from scheduling to inventory, and most importantly, customer satisfaction. This alignment is evident in systems like the Toyota Production System, which pioneered modern process optimization.