operational-efficiency

Vocabulary Word

Definition

'Operational efficiency' is all about producing the most output with the least input. In a business, it means creating a system where everything is done in the most effective and least wasteful way.

Examples in Different Contexts

In the tech industry, 'operational efficiency' often involves automating routine tasks. A CTO might say, 'Implementing these automation tools has significantly increased our operational efficiency, allowing more focus on innovation.'

Practice Scenarios

Business

Scenario:

Our quarterly financial report indicates increased costs. Let's analyze operations and identify potential areas of improvement.

Response:

Examining the supply chain could help improve operational efficiency and bring down costs.

Supply Chain Management

Scenario:

With the increase of online orders, we need to revise our delivery process. Any suggestion for cost-effective improvements?

Response:

Investing in a smart tracking system could improve operational efficiency and ensure timely delivery.