Process is not the bottleneck. Talent is.
This means process is neither the problem nor the solution. Talent drives action, talent dictates outcomes, and at the risk of sounding like Tom Peters, talent is, well, it's everything. [not that there's anything wrong with sounding like Tom Peters - the guy's amazing].
Process is a poor substitute for talent. You can't make up for a talent shortage by simply instituting more and more (and more and more) processes. If there is indeed a talent shortage, the way to deal with it is by... unleashing more talent! And a compliance-based, process-centric, dictatorial, command & control approach squelches and repels talent.
Now, there's nothing wrong with using and improving our processes. But when our approach to improving performance is process-centric instead of talent-centric, we end up discounting and preventing the very thing that matters most.