Where should companies focus on to stay competitive?

A straight forward answer would be to offer the lowest price which convinces customers to buy the product. It is a strong argument in these times of rising prices, insufficient amounts of resources and a shortage on experienced employees.

However I think there is more to focus on. From the top of my head:
1. Maintain and invest in experienced employees (and thus reduce an endless loop of training new employees that do not stay).
2. Consolidate improvements.
3. Higher output from machines, IoT and people so that data is accessible and connected with various aspects of a company #industry40 .
4. More efficiently use the available capacity of employees.
5. Reduce waste (including energy costs).
6. Reduce existing stock stored in every plant.

All these aspects are linked with quality, #innovation and #customersatisfaction.

On which one should companies focus the most? Or are there any other important aspects I missed?

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