Meaning of the word "turnaround time" in English

What does "turnaround time" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

turnaround time

US /ˈtɜːrn.əˌraʊnd taɪm/
UK /ˈtɜːn.əˌraʊnd taɪm/

Noun

the amount of time it takes to complete a process or task, from start to finish

Example:
We aim for a 24-hour turnaround time on all customer inquiries.
Reducing the turnaround time for product development is crucial for market competitiveness.