Process innovation - Glossary

Process innovation involves the redesign and improvement of business operations to increase efficiency reduce costs and enhance service quality. It's about finding fresh ways to get things done leveraging new technologies or methodologies to transform workflows. Imagine the automotive industry- a decade ago electric vehicles were a novelty. Tesla with its pioneering approach didn't just innovate the product but also revolutionized manufacturing processes with automation and advanced robotics leading to faster production times and reduced waste. This innovation allowed Tesla to produce high-quality vehicles at a large scale setting a new standard for the industry. Process innovation isn't just about technological upgrades; it's about rethinking how work is done and adapting to the ever-evolving marketplace. This continuous adaptation not only boosts business competitiveness but also ushers in novel ways to serve customers better ultimately driving growth and progress.