Digital Technologies Are Enabling Cost Management to Support Strategy
Today’s digital innovations represent a major evolution in cost management strategies, providing companies with the opportunity to gain a much deeper understanding of their business’s prime value levers, which they can use to fundamentally and sustainably change their cost structures, seize opportunities, and grow profitably. Businesses that are successful with their cost and revenue strategies all have three things in common. First, these companies are employing digital technologies to enable “next-generation” cost management. The second factor is a strategic, rather than tactical, view of costs across the organization that enables decision makers to answer questions like, “where should I be cutting my costs?” or “What will happen if…?”. Finally, these organizations have established effective and transformative cost management programs enterprise wide. As a result, they can provide faster and deeper data-driven insight on what’s driving value and what are the cost drivers.
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