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Importance of Eliminating Wait Times

Everyone hates to wait to receive their service or product. From waiting in line at the supermarket, to waiting for packages to arrive, customers simply don't like to wait. Today's fast paced society has become even less tolerable to delays then ever before. As a manager (of anything you choose) why is it important to eliminate/minimize wait times? How does increased wait times waste money or cost you business? How can you determine steps in your business's process that are wasteful?
Please give specific real world examples.

Solution Preview

Wait times are bad because they make people angry and/or anxious. If you are waiting on an internet purchase you are eager for the item to arrive. Often you gave much thought to the product or need it right away (either as a real or perceived need). Once the company has shipped it many customers do not allow adequate time for shipping. Delivery companies try to help by supplying tracking information. Amazon does a good job of letting you know when the item has been turned over to the shipping company and then supplying the tracking number. If you are buying a book through Amazon's third party service they alert you to tell you if the third party has not yet filled the order and ...

Solution Summary

This detailed solution outlines the importance of eliminating and/or minimizing wait times to increase customer service. It also explains how wait times adversely effect service, cost money and incur lost business. It outlines steps to eliminate business process waste, and it gives links and real life examples.