Have you ever wondered what the financial impact of continuous improvement is? We have. So, we analyzed the data provided by our customers to see what financial impact they're seeing as a result of their improvement work. What we found was striking.
Our customers collect an average of one opportunity for improvement per person per year, and implement 79% of those ideas (which is a far higher rate than a typical suggestion box system).
Each KaiNexus user has an average financial impact of over $6,000 per year for their organization.
(For more details about the ROI of continuous improvement with KaiNexus, download this free eBook):
The awesome thing about our customers, though, is that they don't just ask for ways to improve their organizations' bottom lines. They ask for ideas about improving safety and quality, about how to increase efficiency, improve flow, and how to create better goods and services for their customers.
Only one in three opportunities for improvement has an easy measurable impact on the bottom line. Sometimes the financial impact is indirect or hard to prove.
We looked into what percentage of our customers' ideas had a significant financial impact. The infographic below gives you the details of what we found:
So, what does this mean?
The number of ideas you gather from your employees matters.
Engaging your staff in continuous improvement should be at the top of your To Do list.
Don't just ask for ideas with a financial impact.
Even if those ideas aren't originally intended to impact the bottom line, some will pleasantly surprise you.
For example, we have a customer who suggested that an endricrinology clinc start educating patients about their in-house speciality pharmacy. Why? Because the patients previously went elsewhere to fill the prescriptions, requiring an extra trip. Making a slight process change to help remind or informing them about the in-house pharmacy could save the patients time, improve clinical quality, and increase their satisfaction. This ended up having a HUGE impact on the organization's revenue generation. If leadership had only asked for financial ideas, this person with a great patient satisfaction improvement may never have spoken up.
Small ideas can lead to big results.
Want to learn about how to get more improvement ideas from your staff?
Download this free eBook: