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To be, or Not to be Productive

The question of "productivity" looms large in most sectors. Productivity, or Efficiency, is a measure of output per resources for input. Productivity has a direct correlation to profitability. Profitability enables healthy growth.

According to a McKinsey report from 2022, there has been a stagnation or even a decline in productivity across most life science industries. So, what are some of the barriers and some potential solutions?

The primary challenges observed and experienced with clients include:

1️⃣ Operational Efficiency Under Cost Pressures: Escalating costs are exerting significant pressure on operational efficiency. It is imperative for companies to invest in process improvements to enhance quality while curbing expenses.

2️⃣ Increasingly Complex Regulatory Landscape: The regulatory environment is growing more intricate. A deep understanding and nimble business processes are essential to educate regulators and remain compliant.

3️⃣ Urgency in Adopting New Technologies: The rapid pace of technological progress demands swift adoption. Leveraging new technologies can bolster research and development, accelerate market entry, and yield better patient outcomes.

4️⃣ Supply Chain Diversification and Strengthening: The importance of a resilient supply chain cannot be overstated. Fortifying supplier relationships is crucial to guarantee a consistent supply of materials and products, achievable through robust systems and processes.

These challenges also offer opportunities for growth. By proactively addressing these issues with strategic planning, teams can focus, align, and #improveLESS ... and get better results.

1️⃣ Operational Efficiency: Understand your current process and performance. Map it out, observe the process, get feedback from the team. Try small changes to make the work safer, easier, higher quality, or faster (in that order), track what you learn from your experiments

2️⃣ Regulatory Changes: The best way to get good at change is ... to change. Building agility comes through constantly improving and changing internally. Then, when a forced change comes you are more adept to reacting to it.

3️⃣ New Technologies: Technology enables process. A well-defined process is key to seamless technology integration. When you better understand the requirements, the handoff, and the flow it better defines the technology you need or how the process needs to change to adapt to it.

4️⃣ Supply Chain Reliability: Understanding your supply base, where you have redundancy and where you want to develop partnerships. Localizing and developing mutual partnerships is a long-term strategy to supply chain and business success.

❓What are some other challenges you are seeing to breakthrough in your productivity?

❓What are some other approaches you have seen to overcoming those challenges?

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