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There are various reasons for the firms to continuously inspect their manufacturing process and search for improvement. All of the reasons could be considered part of the one large argument that competition drives innovation. Therefore, the first reason which stands out the most is the need to remain competitive. Every company and organization is seeking a niche in which they can outperform their rivals and gain the most market share in the sector. Consequently, if one firm were to remain stagnant, their status quo would be challenged by the competitor and eventually lead to the extrusion from the market.
Furthermore, the ongoing technological progress constantly changes the market environment and forces companies to search for improvement areas. Every day, a new technology emerges that renders the previous product obsolete in months. At the same time, new limitations on the company’s manufacturing processes are placed due to the global environmental problems. Governments place limitations on the factories’ emissions or waste disposal methods to reduce pollution and pursue sustainable production methods. As a result, businesses must modernize and develop their products and manufacturing to satisfy the industry standards or pursue greater profits while replacing the old technology. This reason is interconnected with the growing culture of consumerism. Customers have an insatiable desire for new products and place unachievable expectations on them. They are dissatisfied with any product, prompting other companies to develop better solutions. If the company keeps carrying the same product for too long, it will eventually be phased out of the market.
In today’s reality and business climate, the old adage” If it is not broken, do not fix it” is no longer applicable. If a company waits for anything to go wrong, it will suffer financial and market losses as other companies take advantage of their competitors’ weaknesses. At the same time, governmental authority places high emphasis on sustainable market solutions due to the pursuit of an eco-friendly environment.
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