Waste is using more resource than needed to produce a product. If the customer does not need it or will not pay for it, then it's waste. This includes material, machines and labour.
A business should be agile and flexible, and consider new ways of working and new technologies that will allow them to respond rapidly and cost effectively to customer demand.
Equipment can be one of your company's most valuable assets and by using 'overall equipment effectiveness' (OEE) - you can measure whether you're making the most of your machinery.
Poor product quality, high defect levels and large quantities of rework add unnecessary cost to a business.
Assessing, controlling and managing business processes more effectively will result in improvements in profitability.