Quality professionals may have more tools to address inflation than previously believed, specifically by removing waste within their organizations. For manufacturers, eliminating waste from supply chains can lower prices, raise wages, and boost profits since waste contributes to inflation. Waste begets poorer quality as organizations spend more on unproductive labor, energy, and materials, encouraging more inflation in the form of higher prices. By contrast, quality professionals and manufacturers can identify and reduce waste associated with waiting for materials, high-cost business locations, excessive overhead, labor or components that fail to become sellable products, and more.
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