Answer :
Final answer:
Reducing lead times in business operations yields efficiency gains, cost reduction, and improved customer satisfaction through strategies like implementing self-directed teams and global coordination for just-in-time delivery.
Explanation:
Reducing internal and external lead times yield significant benefits in business operations. Internally, it can enhance efficiency, reduce costs, and improve customer satisfaction. Externally, it enables just-in-time delivery, minimizes inventory holding costs, and increases production flexibility.
One example of reducing lead times successfully is the implementation of self-directed teams in organizations. These teams have proven to significantly enhance productivity, reduce defects, and lower costs, as demonstrated by companies like Miller Brewing Company, Texas Instruments Inc., and Westinghouse Electric Corporation.
Coordination at a global scale due to improvements in communication and transportation has also facilitated just-in-time delivery, optimizing production processes and resource allocation.
