Kaizen is focused on small improvements as a result of ongoing efforts of the company's staff members. On the other hand, innovation is focused on large, dramatic improvements as a result of big changes in technology and equipment.
Over-production can lead to various wastes other than inventories. Increasing in-process stock, waste of movement and wastes of transportation all add up quickly. Truly value-added work comes from having just enough of the right material, at the right place, at the right time. This is what Toyota calls “just in time!”
The Toyota Way is a set of principles and behaviors that underlie the Toyota Motor Corporation's managerial approach and production system. Toyota first summed up its philosophy, values and manufacturing ideals in 2001, calling it "The Toyota Way 2001". It consists of principles in two key areas: continuous improvement, and respect for people.