Contemporary management theory and practices have ill-prepared us for calibrating our enterprises to be competitive in the modern business world, which is making tectonic shifts from even a few short years ago. Sadly, most business leaders are meeting these changes with puny, incremental or entirely misdirected responses. Modern leaders must develop a new way to think about waste — where “waste” is not trash, but an assessment or an interpretation. It refers to the events, phenomena, experiences and features that diminish our capacity to do what matters to us. In the business world, waste kills productivity and profitability. Typical waste of business for the last 50 years (e.g., scrapped material, outdated technology, wasted movement, time and resources) were a product of the Industrial Revolution — manufacturing and mass production. We are no longer living in that world. Our focus now is on eliminating these six modern wastes — the new pitfalls of productivity and profitability:
- Degenerative moods
- Not listening
- Bureaucratic styles
- Worship of information
- Suppressing innovation
- Modern indentured servitude
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