"In the name of X" or "in X's name" can mean that X is the reason given for doing something. It sometimes suggests that the reason is X, but there are unintended consequences. It sometimes suggests insincerity--it is done in X's name but the real reason is Y. (It can also have other meanings, but that's what it means here.) "In X's name" means someone "names" X as the reason. The real reason might be something else. "In the 1870s, in fashion's name, women wore corsets that compressed their waists, causing health problems." A friend of mine always gave very complicated driving directions, which he said were shortcuts. These were "shortcuts taken in efficiency's name." The reason for the complicated route was to shorten the route distance. But they used slow back roads, so it often took longer. They were taken in efficiency's name. However, in reality they were not efficient. "In the name of nutrition, our school cafeteria always served string beans. But we hated them, so we never ate them. I think the real reason they served them was that string beans were cheap." ("Nutrition" is why they said they did it, "cost" was the real reason.)

"In efficiency's name" means "for the sake of efficiency". "In the name of..." works better with a person. However, it is also acceptable to use it with a noun, like "efficiency".

The implication is that the shortcuts didn't actually improve efficiency even though that was supposed to have been their purpose.