Prompt: Let’s consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For your organization, the cost of keeping an employee (i.e., an internal customer) waiting can be measured by unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative aspects of waiting. Describe what this looks like in your industry and organization. What will you do today to reduce or eliminate this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access points to your organization: your website, calling your company, emailing your company, social media, and other access points. How will you address waiting in each of these areas?
