Thursday, 20 November 2014

What Is Your Definition of Efficiency?

According to Investopedia, 'being efficient simply means reducing the amount of wasted inputs', which raises the following questions: 
  • What are our wasted inputs?
  • If we don't know what they are (typical for complex organisations) how do we measure efficiency?
  • How do we make and measure real improvements? 
All these assuming that the above definition is right.

In real world companies tend to use definitions that better suit their need to make things look better than they really are – at least for a while.

What is your definition of efficiency?

Related post: