Operational excellence is a goal of conducting business in a manner that improves quality, obtains higher yields, faster throughput, and less waste. It uses different methods and techniques to achieve these goals.
The International Charter defines the following characteristics as being a company operating under the goals of Operational Excellence as a company which:
has in place the necessary measures to track performance and output from processes.
has in place the necessary review process to review the performance measures and then recommend action where required.
has embedded in its general operating procedures a process of continuous improvement and refinement.