If you are up to more fundamental changes in the product and process design, large potential gains may be achieved. Modularisation is basically about breaking products and processes into smaller and relatively independent functional units.
Such units are often called modules. With the right balance between the distribution of functions into modules and standardization of interfaces between these modules, one can achieve great flexibility in the product range and supply chain. It is suddenly possible to deliver a wide range of products without drowning the organization in complexity.