Response time usually reflects the time it takes a rep to respond to a customer's request, whether a product related question, a support ticket, or even just an ordinary outreach. Any customer-facing activity is in its essence relationship building. The time it takes the rep to get back to the customer says a lot about the rep, the team, and the company.
On the rep level, executing on this metric with high-performance usually correlates with top-performance by the rep on all other major KPIs. On a team level, it can provide a good indication of the team leader's attention to details. Succeeding or failing to govern this metric on the company level says a lot about the processes in place and leadership in general.
Below is an example response time visual report: