No other industry places such a high a premium on quality of service as healthcare. Given the essential requirement of quality in the healthcare industry, consumers expect providers to lead the way in innovation and quality efforts in the services they provide. As a percentage of its gross domestic product (GDP), we spend more on healthcare than any nation in the world. In a study conducted by the Institute of Medicine, preventable medical errors are estimated to result in as many as 98,000 patient deaths each year, with a projected annual cost as high as $29 billion. These errors are believed to be one of the leading causes of death in the US. There has never been a more ripe environment for the innovative and quality improvement methods of lean practices.

Healthcare institutions are implementing lean principles and practices pioneered at Toyota and other industrial companies. The industry is currently undergoing an unprecedented change, as providers are engaged in efforts to bring their practices into compliance with the requirements of the 2011 Patient Care and Affordable Care Act. As a result, healthcare providers are under significant pressure to increase access and reduce costs while improving the quality of patient care. Because of these significant pressures, the industry is seeking innovative ways to improve quality of service and reduce costs. Lean principles and practices are now being implemented in medical environments. We know that Lean offers significant advantages over other quality improvement models by increasing efficiency and reducing waste while simultaneously improving quality of patient care.

Lean practices and principles have the potential to help balance the cost associated with healthcare, increase the job satisfaction of professionals, and fundamentally improve the health of our communities. In the current environment, there has never been a more crucial time for healthcare to operate in the most efficient manner possible, while delivering the highest quality care in a safe manner.

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In 1957, Tokyo Tsushin Kogyo introduced a small transistor radio about the size of a cigarette pack. It came in a colorful box complete with a soft leather case, an antistatic cloth, and a pair of earphones. The CEO of the company then went to New York City to canvass electronics store owners and sell them his newest innovation. The timing of this faithful move could not have been more perfect.

Rock and roll was an emerging phenomenon with teenagers, and these potential customers were eager to snatch up the small, portable device being offered by Tokyo Tsushin Kogyo. They were able to fill their books with orders for this inexpensive device that kept their music out of the earshot of their parents. To appeal further to their western customers, the name of the company was quickly changed to Sonus (Latin for sound) and the powerful Sony was born! Even though this device had significantly lower sound quality than its more bulky, tubed competition, it had an immediate appeal to the customers, which launched Sony onto a trajectory of innovation and wild success in the personal electronics market.

Too many startups begin with an idea for a product that they think people want, then spend months or years perfecting that product without ever showing the product to the prospective customer. They then fail to garner support, and the startup fails before it gets off the ground. When entrepreneurs embrace validated learning, the development process will shrink substantially. They can then focus on figuring the right thing to build, which the customers want and will pay for. Entrepreneurs can adapt their plans incrementally, inch by inch, minute by minute.

There could not be a more perfect example that Apple and the iPhone. When the first iPhone was released, critics ripped Steve Jobs apart. The device had no keyboard, dropped calls were frequent, coverage was patchy, and the security safeguards were horrid. However, Apple understood the process and the customer. The design was gorgeous and had a broad appeal to early adopters who would embrace a device that played music, sent emails, made calls, and browsed websites. Much later, the device was refined and the basics were finally perfected. This is the epitome of a successful lean startup.

Research shows 75% of all startups fail. Reasons include valuing experimentation over elaborate planning, customer feedback over intuition, and iterative design over the traditional big design up front development. Lean startup requires a “get out of the building” approach. They must go out and ask potential users, purchasers, and partners for feedback on all elements of the business model, including product features, pricing, distribution channels, and affordable customer acquisition strategies. The emphasis should be on nimbleness and speed for an effective lean startup.

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It is not the strongest or the most intelligent who will survive but those who can best manage change.

• Leon C. Megginson

The modern global economy is fast and dynamic. It is in a constant state of change. The greatest challenge facing leaders and their organizations today is to be able to quickly respond to market change. They must be the catalyst of organizational change that will guide their businesses to market leadership. An organization that is agile and resilient will be equipped to experience sustained success. Sustainable innovation and growth involves solutions to problems that reflect a commitment to economically, environmentally, and socially sound business practices.

In this TED Talk, organizational change expert Jim Hemerling of BCG inspires leaders with smart ways to deal with dynamic change in today’s global business climate.

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There is a saying that success leaves clues. If you look at successful people, you will find a common core of habits that contribute directly to their success. One of the most common habits is reading. Successful people across all industries dump the TV and read! They are voracious readers and consume books with an energy level that matches their success.

One of those highly successful individuals is Jeff Bezos of Amazon. Now the world’s richest man, with a net worth of over $90 billion, Bezos devours books! Of course, this shouldn’t be much of a surprise, when you understand that Amazon began as a book platform. He’s spent his career changing the way books are published and sold, devouring many small bookstores in the process. Amazon now appears to be laying claim to the entire retail universe ” and beyond. It is a formidable force in such disparate fields as cloud computing, movies, music, food, artificial intelligence and the distribution of washing machines and toasters. What does Jeff Bezos read for success and professional development?

The Bezos Top 12

1. “The Remains of the Day” by Kazuo Ishiguro
2. “Built to Last: Successful Habits of Visionary Companies” by Jim Collins
3. “Creation: Life and How to Make It” by Steve Grand
4. “Good to Great: Why Some Companies Make the Leap ¦ and Others Don’t” by Jim Collins
5. “The Innovator’s Dilemma” by Clayton Christensen
6. “Sam Walton: Made in America” by Sam Walton
7. “Lean Thinking: Banish Waste and Create Wealth in Your Corporation” by James Womack and Daniel Jones
8. “Memos from the Chairman” by Alan Greenberg
9. “The Mythical Man-Month” by Frederick P. Brooks, Jr.
10. “The Goal: A Process of Ongoing Improvements” by Eliyahu Goldratt
11. “Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know” by Mark Jeffery
12. “The Black Swan” by Nassim Taleb

But Jeff Bezos isn’t alone in reading for success and professional development. When Warren Buffett was once asked about the key to success, he pointed to a stack of nearby books and said, Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it. He takes this habit to the extreme, reading between 600 and 1000 pages per day when he was beginning his investing career, and still devotes about 80 percent of each day to reading.

Successful people tend to choose educational books and publications over novels, tabloids, and magazines. And in particular they obsess over biographies and autobiographies of other successful people for guidance and inspiration. There are many examples of successful people dropping out of school or foregoing a formal education, but it is clear that they never stop learning. Reading is a key part of their success and professional development.

If reading as a pathway to success isn’t enough to get you motivated, consider these health benefits of reading: it has been shown to help prevent stress, depression, and dementia, while enhancing confidence, empathy, decision-making, and overall life satisfaction, not to mention, enormous wealth and success.

What is on your nightstand?

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How do you measure the value of innovation? That is a tough question! Asking the definition of value’ becomes a loaded question. It doesn’t matter where scientific discoveries and breakthrough technologies originate”for national prosperity, the important thing is who commercializes them. Innovation involves the development of new products or processes and the know-how that begets them. New products can take the form of high-level building blocks or raw materials.

Measuring the Value of Innovation

Creating value from innovation is a crucial step for your organization. Value, actual or perceived, creates buy-in. If they believe, they will follow! Of course, when launching an innovation initiative, a tangible value will not be realized right away. It takes time, focus and perseverance. Start out with measures that go beyond efficiency gains. It takes vision to strike a spark. Innovation is a fire that burns deep in the heart of an organization. Measurement is crucial to the process. Measure every step of progress. Compare quarter to quarter and benchmark against accepted performance standards. Over time, as you grow in the initiative, results will go from being perceived to tangible. Tangible results will inspire and fan the flame of innovation. The energy created during this innovation process will inspire more creativity and innovation.

Building Value With Innovation

Your innovation project is gaining momentum. You are seeing tangible, measurable results which are producing true value. As momentum builds, always screen and evaluate innovation initiatives. Find, fund and launch initiatives that align squarely with the values and mission of your organization. Give them time to build, strengthen and gain traction. Finding ways to grow and build your business is solely based on innovation. The hidden result will be that the culture of the organization will change. Encourage the idea of intrapreneurship in building and changing an organization. This will create a forward momentum in the organization that is hard to beat. Gain a competitive edge through innovation and creativity.

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Are you a believer in continuous improvement? Do you believe that a state of continuous improvement can exist harmoniously in any business environment and succeed? Well, if you are so confident, then what are you willing to risk to achieve your dreams? You just took on a new leadership role, in a new organization. You were hired to be a change agent. You have the skill sets and history to establish your authority as an expert. Once you get settled in to the organization, you see that making the changes you envisioned are going to be a real battle. Even worse, your boss specifically wanted you to be a change agent’ in the organization and start making a difference. However, there is a big difference in words and deeds with leadership. They say they want change and continuous improvement, but their actions don’t back up their ideas. Now, for all the reasons you were attracted to the new organization and new job, you feel like you are a sole survivor on a desert island. Stranded!

What Will You Risk for Continuous Improvement?

Now that you feel the world is against you ¦ it is time to go to work! Set out on your journey with purpose and determination. Leave the bravado behind! Quickly identify and work with your new boss to identify quick opportunities for change. Use your skills and Lean Six Sigma practices to establish process and document progress. Learn to effectively communicate your goals and vision not only up the chain of command, but equally, down the chain of command. When people understand your purpose and see tangible results, they are more than likely willing to change. Be a great leader, coach and mentor throughout all aspects of your process. Be willing to embrace slow progress just as much as you cheer for the success. It will be a trying time for you. When you have a successful project completed and new processes in place that work, it’s time to take on something bigger and harder! Keep in place your focused leadership and professional skills.

Risk vs. Reward

Belief is equally balanced with risk. The bigger your beliefs, the more you are willing to risk. Your vision for the future should be greater than anyone around you and your willingness to risk everything should match that. Your confidence in your professional skills and abilities will go a long way to gaining the trust and confidence of those around you. The benefits of continuous improvement outweigh the risk of change. Be bold, be confident and use the tools of your practice that are proven tried and true!

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Innovation. What is the value? That is a tough question! Asking the definition of value’ becomes a loaded question. Depending on who you ask¦depends on the question you will get. It is elusive!

The True Value of Innovation

Creating value from innovation is a crucial step for your organization. Value, actual or perceived, creates buy-in. If they believe, they will follow! Of course, when launching an initiative, a tangible value will not be realized right way. It takes time, focus and perseverance. Start out with measures that go beyond efficiency gains. It takes vision to strike a spark. It is a fire that burns deep in the heart of an organization. Measurement is crucial to the process. Measure every step of progress. Compare quarter to quarter and benchmark against accepted performance standards. Over time, as you grow in the initiative, results will go from being perceived to tangible. Tangible results will inspire and fan the flame of innovation. The energy created during this innovation process will inspire more creativity.

Reaping the Benefits

Your project is gaining momentum. You are seeing tangible, measurable results which are producing true value. As momentum builds, always screen and evaluate your initiatives. Find, fund and launch initiatives that align squarely with the values and mission of your organization. Give them time to build, strengthen and gain traction. Finding ways to grow and build your business is solely based on innovation. The hidden result will be that the culture of the organization will change. Encourage the idea of intrapreneurship in building and changing an organization. This will create a forward momentum in the organization that is hard to beat. Gain a competitive edge through innovation and creativity. Never stop moving forward!

The post Innovation: Is It Worth The Investment? appeared first on 6sigma.