Productivity is the ratio of output over input. Outputs are the products or services a company produces, while inputs are those resources (energy, labor, equipment, materials) we use to create the outputs.
To improve that ratio, and productivity, you could keep the same level of inputs while increasing outputs or reduce inputs while keeping outputs the same. However, to optimize this ratio, you must increase output while reducing inputs. The opportunity is not to just do the right things, it is doing the right things right! That is productivity improvement.
To achieve optimal productivity requires improving the process of converting input to outputs. Improve the efficiency and effectiveness of your systems and you will improve productivity.