How do you make use of feedback to improve your own work the work of others and the team as a whole?

Don't get offended by the feedback you receive,

Ask for clarification if you do not understand the nuance of the feedback,

Appreciate and be candid about the feedback,

Then process the information and decide on any modifications needed.

NOTE: Personally, I have always used a process that takes the best and the worst of all collected information and disregard it; the feedback between those two points will yield better results.