Rethinking Value – A means to an end for the whispering game

Abstract

Lean production. It is one of the most misunderstood business concepts of our time. Since the 1990s, it has been mystically reduced from an organization-wide concept to a set of principles and best practices for manufacturing in isolation, only to be subsequently re-constructed as an additional set of principles and practices for other specific functions (e.g., product development), often leading to sub-optimization. In this paper, we draw on practical insights from two Norwegian case studies and present an overview of emergent actionable knowledge to rethink lean production as a holistic approach to value creation and long-term profitability, with the product at its core.