The main difference between effectiveness and efficiency is who is gaining from the process.??In
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The main difference between effectiveness and efficiency is who is gaining from the process. In efficiency, cost matters so the shareholders are the people benefiting from it. Efficient business process is important to the operations of supply chain finance (Ye, 2020). In effectiveness, the goal is to create the most value for the customer, so the customer is the person gaining from the process, producing loyalty. Once the customers are feel satisfaction with the concern brand they never go to the next brand. It uplifts the company and sustain the brand in the competitive era (Vanitha, pg. 1218). There is no relationship between the two concepts. A company cannot be both without conflict.
References
Ye, X., Ge, D., Bian, X., Xu, Q., & Zhou, Y. (2020). Improving Business Process Efficiency for Supply Chain Finance: Empirical Analysis and Optimization Based on Stochastic Petri Net. IEEE Access, Access, IEEE, 8, 98430–98448. https://doi-org.ezproxy.uwa.edu/10.1109/ACCESS.2020.2995851
VANITHA, P., & GOVINDARAJU, P. (2021). Effectiveness of Customer Loyalty on Business Growth. Turkish Journal of Physiotherapy Rehabilitation, 32(2), 1218–1221.
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