My summary of what he talks about in his 5 steps:
1) Make the requirements less dumb. I.e. always question the requirements and always have a name of a person responsible attached to them (not the department), so you know whom to question.
2) Try very hard to delete a part or a process. If you are not adding things back 10% of the time, you are not deleting enough.
3) Simplify and optimize, but ONLY after doing the first 2 steps.
4) Accelerate cycle time, you can always go faster.
5) Automate.
All five only in that order, he talks about making the mistake of going through the steps backwards and then deleting the part.
Overall it's a great interview at the Starbase Factory, so I recommend you watch the whole thing, or at the very least the relevant ~12min portion.