A highly effective way of improving an existing product can be to undertake a parts count when taking it apart for analysis.
If you can keep the product's functionality unchanged (or improve it) whilst reducing the number of components you can improve the product's efficiency in several ways:
On the other hand there needs to be a balance maintained- you can't remove all the bolts without it falling apart (unless you find another way to hold it all together), and there may be some products where being as light as possible may actually be a disadvantage. However a parts count analysis done carefully will reveal where you can and cannot remove components.
Yet another reason to not fall in love with ideas, to be brave enough to slay the Sacred Cow, and to not be afraid to challenge previous assumptions, no matter how much has been invested into their formulation.