Embracing process improvement practices can lead to significant improvements in efficiency and cost reduction. It can streamline operations, eliminate waste, and enhance productivity. It also promotes a culture of continuous improvement, where employees are encouraged to find better ways of doing things. This can lead to innovation and improved customer satisfaction. However, the success of these practices depends on their proper implementation and the commitment of the entire organization.
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Studies show that companies embracing process improvement practices enjoy significant improvements in efficiency and costs, "Harvard Business Review"("HBR") reports. The University of North Carolina's Brad Staats and the University of Oxford's Matthias Holweg and David Upton examined 204 lean projects launched from 2012 to 2017 at a European bank with more than 2,000 branches in 14 countries and serving more than 16 million customers. The researchers strived to get to the bottom of why some improvements are sustained and others aren't. To achieve this, they looked at the lean initiative, started by the head office. Here is what Holweg and Upton discovered: