What is the cost of making your customers wait?
Nobody likes to wait. It’s irritating, and, at a certain point, people realize their time is more valuable than the service or product they’re waiting for, and they leave. Companies know this and invest a great deal of time and resources into queuing theory—a branch of operations research that uses data to determine how long customers are waiting and how to reduce wait times. Queuing theory gives businesses a mathematical model to analyze whether a reduction of waiting time is worth the investment and provides a real sense of how much waiting time is acceptable before a customer goes somewhere else.