Toyota employs its expertises in a variety of other fields such as housing (Toyota Home), financial services (Toyota Financial Services), technology communications, marine, biotechnology afforestation and GAZOO (Toyota).In 2007, while celebrating its 70th anniversary, Toyota Motor Corporation sold 9.34 million vehicles making a profit of $13.7 billion. Having surpassed in size and profitability General Motors’ and Ford’s combined market cap, Toyota is widely regarded as one of the most successful companies of the planet (Watanabe, Stewart Raman, 2007). At the same time, Toyota is one of the most remarkable examples of a company that employs innovation at every business operation, as analyzed below.One of the reasons for Toyota’s success is the implementation of kaizen philosophy. Focusing on respect for people, the Toyota Way views the company’s internal and external customers as equally important, encompassing elements of personal discipline and improved morale in all employees, suppliers and customers. By highly valuing its human capital and instilling respect among co-workers, Toyota nurtures the feeling of teamwork. Employees and management work together to identify possible problem areas, make necessary changes, monitor results and adjust their practices through suggestions for improvement. These quality circles lead to kaizen that represents the Toyota mindset of continuous improvement (Watanabe, Stewart Raman, 2007).A part of continuous improvement philosophy is Toyota’s consistency in quality at any cost. Toyota’s management doesn’t hesitate to postpone projects if they see that there are problems that cannot be dealt with immediately. Instead of risking the company’s reputation and produce low-quality products, they prefer to stop production and postpone growth to ensure sustained reputation in terms of enhanced quality.Toyota invests in new technologies and new processes and trains its human resources to be the best company and produce the highest-quality vehicles in the world (Watanabe, Stewart Raman, 2007).
Toyota Creativity and Innovation Assessment