Manufacturers vigorously seek out best practices because they can improve metrics, such as stock price, sales and profitability. There’s only one problem: Best practices are the actions that solved yesterday’s problems.
Best practices are often thought of as discrete tools or processes, but there’s a hierarchy to them. Up a level from the discrete tool is a methodology or a collection of processes, such as lean or Six Sigma. Up another level is a coordinated set of methodologies that makes up a framework—how a company goes about its business or an important initiative. There are best practices for all levels, and their place in the hierarchy is defined by the problems they solve.