Effective Cost Transformation Requires Buy-In From the C-Suite
Cost management is no longer simply a way for companies to improve margins and save money. Finance leaders are now using cost reduction as a powerful lever for digital transformation and to gain better insight into their business. Often times, CEOs delegate responsibility for cost reduction efforts to other leaders within the business. This hands-off approach could be costing their company a lot more money and strategic opportunities than they realize because CEOs have the clout and broad organizational reach to break down a lot of barriers that often hinder successful cost reduction efforts. By bringing a more strategic perspective to cost management, and directly encouraging teams to think bigger, CEOs can enable breakthroughs that are more impactful, such as re-configuring the business or changing the operating model. These strategic cost management approaches offer potential savings that are much larger − and much more sustainable.
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