Understanding cycle time is crucial for several reasons:
Customer Satisfaction: Shorter cycle times often lead to quicker delivery times, enhancing customer satisfaction. Cost Efficiency: Reducing cycle time can lower operational costs by minimizing waiting periods and eliminating inefficiencies. Competitive Advantage: Companies with shorter cycle times can respond faster to market demands, giving them a significant competitive advantage. Improved Productivity: A shorter cycle time means more work can be completed in the same period, improving overall productivity.