Part 2
Emergence of a New Competitive Advantage:
Continuous Improvement
Continuous improvement has not been seen as a competitive advantage itself historically, but it is the process by which many traditionally competitive advantages can be forged.
Specifically, continuous improvement as a competitive advantage is the set of systems and processes by which feedback across your business converts to a completed action by your staff at a quality and velocity that outpaces your competition.
A stronger continuous improvement system is a controllable competitive advantage that can determine the success of your company today and the value of your company in the future.
Unlike many other competitive advantages, it does not take any significant capital investment, good fortune, ‘secret sauce’ or 100 year old brands to create. It is the lowest hanging fruit that remains hidden from the vast majority of companies operating in competitive, high operating risk industries.
Continuous improvement itself is not new but advances in technology over the past 5 years have changed how you can develop a strong continuous improvement system and use it to create a competitive advantage for your business.
