What is process innovation?

Process innovation can take many forms, depending on the specific industry and the particular company that is participating in it. Some common forms of process innovation include:

• Automation

• Streamlining workflows

• Reorganizing existing work structures

• Developing and/or implementing new technologies

• Improving logistics and overall supply chain management features

The main objective of process innovation is to disrupt the current process system by taking innovative and unique approaches that result in making operations more efficient, a big reduction in errors and waste, and ultimately enhance the profitability of the organization.

Process innovation is especially useful in industries where margins tend to be tight or the competition between market competitors is intensely fierce. This is the case because even small adjustments and improvements in the areas of efficiency and cost can have an impactful effect on a company's overall profitability and bottom line.

To succeed at process innovation companies must possess an in-depth comprehension of their current processes, and the processes of its competitors, an attitude that allows for risk-taking, and an overall commitment to innovation and improvement. Process innovation often requires collaboration across systems, departments, and stakeholders to achieve the optimum results.