Efficiency and productivity are crucial for several reasons:
Cost Reduction: Efficient processes reduce costs by minimizing waste. Higher Profits: Increased productivity means more goods and services can be sold, leading to higher revenues. Competitive Advantage: Efficient and productive companies can offer better prices and higher quality, gaining an edge over competitors. Employee Satisfaction: Efficient processes reduce workload stress and increase job satisfaction. Business Sustainability: Efficient use of resources contributes to long-term sustainability.