Conservation means total energy is accounted for when the system boundary and time interval are consistent. A device can be inefficient even though energy is conserved because some output is not useful for the intended purpose.
Efficiency = useful output / total input × 100%. If a motor receives 200 J and gives 140 J useful movement, the other 60 J must appear in other transfers such as heating and sound. For the same system boundary, efficiency cannot exceed 100%.