Cost Reduction

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Making radical changes to the cost structure. Amid an austere budget environment, many government agencies are looking for pragmatic strategies and proven approaches to assess their fundamental cost structure, realize rapid cost reduction without reducing service quality, enable lasting operational transformation and set the stage for strategic cost reduction to achieve longer term objectives. While getting the cost equation right can be overwhelming for governments in countries reeling from the global economic crisis and the new normal that has resulted, there are excellent opportunities to make inroads in this area.

Cost reduction does not have to be an all or nothing proposition. In other words, radical changes in cost structure do not have to mean radical changes in program quality. Planning for the best of both worlds—lower costs and service quality sustained over time—requires new ways of thinking and working. It means more than identifying opportunities for more efficient processes and operations. Instead, it means acting on those opportunities rapidly and reinvesting cost savings into critical programs and operations.

Transforming cost structures also requires approaches that free resources for more value-added activities so they can manage the dual challenge of rising demand and budget restrictions with renewed tools and confidence. Delivering Public Service for the Future. The foundation of our work with government agencies rests in our understanding and exploration of the issues that public service agencies care the most about—along with the issues and trends that will affect their work tomorrow.

Learn More. Accenture is a trusted guide to governments around the world, helping them achieve high performance. Change suppliers unleashedteam. Unleashed Software delivers powerful inventory management and makes it easy for users to integrate their solutions with accounting and eCommerce platforms. They also offer tips to COOs who need to take cost-reducing measures to increase the bottom line, including looking at alternative suppliers, in this article. Consider cost management for supporting strategy HarvardBiz. Harvard Business Review is the leading destination for smart management thinking.

Cost Reduction Strategies for Manufacturers

They caution COOs against making across-the-board cuts that are disconnected from their strategy and that fail to make cuts sustainable. Cut production costs AmericanExpress. As Scuderi points out, cutting material costs and optimizing resources is a good place to start. Deliver cost optimization as a strategic, business transformation program PwC. While this PwC article is geared toward the insurance industry, its lessons are applicable in nearly any industry.

The five steps for strategic cost reduction outline in the article aim to deliver an informed, systematic, and sustainable approach to cutting costs. The fourth step, leading your company by delivering cost optimization as a strategic, business transformation program, is a top tip for COOs. Focus on how to cut instead of just how much to cut McKinsey.

Get input for cost-reduction ideas creativeJeffrey.

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Jeffrey Baumgartner is an author, cartoonist, and keynote speaker who specializes in creativity and innovation and advises businesses including Fortune companies , governments, and non-profit organizations. His article encourages COOs to use business innovation when reducing costs in order to make the best cuts to engage employees and get active participation in cost-cutting initiatives to improve employee satisfaction.

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  8. As such, he recommends getting input from employees when looking for ways to reduce costs. Justify what to keep instead of what to kill Forbes. They suggest 10 strategies for cost transformation, including justifying what to keep instead of what to kill. Make margin management part of the culture YourEncoreInc. YourEncore offers proven expertise to help you outthink, outpace, and outperform.

    His article shares five new ways to cut costs by taking a holistic view of margin management. Negotiate with suppliers SimpleFirst. Simple Business Solutions helps businesses cut costs, increase sales, and differentiate from competitors.

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    This article encourages COOs to strengthen relationships with trusted suppliers by seeking rate reductions in a positive, win-win manner. One such strategy involves negotiating with suppliers. Reduce overhead through partnership digitalistmag. Digitalist Magazine shares under the radar trends, technologies, and disruptors to help you simplify your digital transformation.

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    Expert provides instant access to top consulting talent. Review suppliers SmartNonprofits. The Minnesota Council of Nonprofits works to inform, promote, connect, and strengthen nonprofits everywhere. One of her strategies for controlling operating costs is reviewing suppliers. Set ambitious, yet achievable targets to create healthy organizational tension Deloitte. Deloitte is the brand of independent firms collaborating to provide audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to clients.

    Their Performance Enhancement Advisory team offers solutions to drive performance and execute strategies to achieve peak performance, including this article on reducing costs and achieving long-term savings.

    Cost Accounting - Cost Reduction - Tutorialspoint

    One strategy, setting ambitious, yet achievable targets to create healthy organizational tension, stands out as a winning solution. Cut employee business travel costs thebalance. The Balance shares tips and advice from experts to help you achieve financial empowerment.

    One suggestion Susan M. Heathfield offers to COOs looking to reduce workforce costs is to cut employee business travel costs. As Brand points out, overscheduling increases labor costs in practically every operation. Hire independent contractors freshbooks. FreshBooks is a top accounting software in the cloud for self-employed professionals and their teams. Their article explores hiring independent contractors as a cost reduction strategy.

    Implement telecommuting HoustonChron. Lorette points to several options for reducing costs, including implementing telecommuting, that will not sacrifice the quality of your products or services. Increase wellness program participation to reduce healthcare costs. JRG Advisors is a premier insurance broker, employee benefit consultant, and service company helping companies achieve their objectives and drive positive bottom lines. In this article, they encourage companies to find alternatives to laying off employees when finding ways to cut costs, especially because layoffs often result in more expenses such as legal fees, severance packages, and reduced productivity from remaining employees.

    One alternative is to increase wellness program participation to reduce healthcare costs to the organization. Aon, formerly Hewitt, is a leading global professional services firm providing a wide range of risk, retirement, and health solutions. Outsourcing B2Community. Business 2 Community is an open community of contributors covering breaking news and top trends in social media, digital marketing, content marketing, social selling, and more.

    Cost Control and Cost Reduction - CA CS CMA Inter and Final - CA Satish Jalan

    One of his tips is to take advantage of outsourcing opportunities to reduce your number of full-time employees. Streamline talent acquisition eSkillCorp. She suggests streamlining talent acquisition, because recruiting and retaining talent is one of the most expensive tasks in the HR department. Upgrade and optimize your workforce instead of reducing it CPAcom. The article encourages companies to reduce workforce operating costs in ways that will enhance, rather than damage, the company.

    One such way is to upgrade and optimize the workforce instead of reducing it. When you carefully review and analyze your workforce and their contributions to your company, you may increase staffing levels in profitable departments and make reductions in others.

    Use hourly employees instead of salaried employees Wonolo. Wonolo has reinvented staffing procedures by filling your on-demand staffing needs within minutes using thousands of pre-screened gig economy workers. In this article, Wonolo examines how companies can control costs using hourly employees in place of salaried employees. Three key points we like from Benefits of Using Hourly Employees vs. Salaried Employees:. USA TODAY, a multi-platform news and information media company, delivers high-quality and engaging content via unique visual storytelling.

    Noria Corp helps industries improve machine reliability through best practice lubrication and oil analysis. They also are a trusted advisor to top organizations around the globe, and they share their best practices through leading publications like Reliable Plant magazine. Cut energy costs Entrepreneur ThomasSmale. In this article, Smale acknowledges that not every company can work virtually to save operating costs. If your business needs physical space with full-time staff, you should optimize and reduce your operational costs by addressing your energy usage.

    Encourage everyone to save water Businessqldgov. Are we employing the latest technologies to help us analyze complex direct materials and strategic part categories? Are we employing best-in-class processes and supporting technologies in our day to day operations? Are we taking a Total Cost of Operations TCO perspective when computing our operational costs and a Total Value Management perspective when computing the value of each prospective purchase?

    Are we outsourcing non-core categories and operations to a provider who can give us better service at a lower cost of TCO?