![]() In the simplest sense, Kaizen is one of the approaches to managing innovation. Is Kaizen the same as innovation? Although these terms are similar and have a similar end result in mind, they are very different ways to achieve organizational success. Nevertheless, every small improvement will get compounded and you will see meaningful results in the end. However, practically it is not possible to improve even at 1% every day. Similarly, if you are able to find new ways to improve your business process by 1% every day you will see a thirty-seven-fold increase in performance. Then by the end of the year, you will have three thousand seven hundred bucks. For example: let’s say that you have a hundred bucks with you and you are able to increase it by 1% every day. It is analogous to the concept of compounding. It has been accepted by the Oxford English Dictionary as an English work in the year 1993.Īnother aspect of kaizen is ‘continuous improvement.’ This highlights that the importance of the aggregate impact of small increments. In the most literal sense, it means ‘good change.’ However, it encompasses a philosophy of finding ways to improve functions and processes with small, frugal, easy to implement changes. It has percolated into the boardroom lingo. The term Kaizen needs no formal introduction. Finally, we shall take a deep dive to see how Canon has used the kaizen model of continuous improvement to stay relevant in a competitive market. After that, we shall see some best practices to ensure the successful implementation of Kaizen. However, it is a remarkable example of using the Kaizen model of continuous improvement.įirst, we shall take a look at the Kaizen model and try to understand why it is highly revered by managers worldwide. CPS is Relatively less known compared to the more popular Toyota Production System. ![]() ![]() One of the key drivers of Canon’s success is its Canon Production System or CPS. They fully embraced new technologies and continuously improved their product offerings. ![]() On the other hand, Canon saw an increase in the share of the market over the same time period. ![]() It was just a matter of time and eventually, Kodak ran out of steam. A major upheaval in the camera market took place in the early 2000s. However, Canon, a relatively less known Japanese company and also a late entrant, slowly and steadily captured a major part of the camera market. They dominated the camera market for over a century. Kodak was founded in 1888 in New York, USA. ![]()
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