Business success depends on efficiency. This is where all activities in a business are done on a timely manner and with precision, this helps in cost cutting and good customer relationship.
Business leaders often think of “efficiency” and “productivity” as synonyms, two sides of the same coin.
When it comes to strategy, however, efficiency and productivity are very different. At a time when so many companies are starved for growth, senior leaders must bring a productivity mindset to their business and remove organizational obstacles to workforce productivity. This view differs substantially from the relentless focus on efficiency that has characterized management thinking for most of the last three decades, but it is absolutely essential if companies are going to spur innovation and reignite profitable growth.