Operational efficiency shouldn’t come at the expense of customer experience
Companies today feel more pressure to be operationally efficient. That’s hardly surprising. The global economy has taken a battering over the past year or so, as has the average South African’s wallet. According to the Reserve Bank’s latest quarterly figures, real final consumption expenditure by households contracted 5.4% in 2020. This was more than the contraction in 2009 following the global financial crisis.
All of that means companies face very real pressure on their bottom lines. As a consequence, they may feel the need to lower operating costs by operating more efficiently. In a business context, operational efficiency can be defined as the ratio between an output gained from the business and an input to run a business operation. When improving operational efficiency, the output to input ratio improves. ..
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