Process Improvement FAQ
How to Increase Profits?
One of the best ways to improve profits is to conduct a Value Stream Mapping exercise. This is where you map the process from the point your customer orders your products to when you deliver it. During the exercise, you will identify specific processes to improve the cycle time, quality, and cost of your product delivery. You can then do a deep dive on your Process Improvement initiative to improve specific processes that are within your Value Stream.
How to Increase Sales?
Increasing sales is a key factor to increase profits. One way of accomplishing this is through Process Improvement. Follow the below five steps to increase your sales:
- Map your current sales process from identifying prospects to closing the sale
- Identify areas that are causing your sales process to sub-perform
- Implements changes to streamline your sales process
- Train your team
- Analyze the results and continue to make process improvements to optimize your sales process
It is not uncommon for your sales process to fall in your Value Stream. It’s often better to start with a Value Stream Mapping exercise before attempting to improve your sales process.
How to Reduce Costs?
Reducing costs is imperative to increase profits. The best way to accomplish this is through Process Improvement. This is where you map how a specific process is performing. Then conduct a root-cause analysis to identify what’s causing the process to sub-perform. Finally implement the changes to improve the cycle time, quality, and cost. Before you roll out the updated process, Train your team. This is critical to ensure your Process Improvement sticks.