Workshop : Cost Optimization during Crisis - by Grazing Minds

There is no question that situations like Covid has resulted into a cost optimization exercise for many companies. Temporary freezes on new hires, renegotiation of key contracts, review or delay of CAPEX investments, optimisation of inventory levels or cut of performance rewards are just some of the measures that organizations have already taken to respond to the situation.

These are examples of typical tactical short-term oriented cost-savings actions. Nevertheless, there is more to tell about the cost story: whilst short-term initiatives are necessary to cope with the current situation, a more structured and strategic reflection on cost models is required to boost recovery and prepare your business to thrive during these uncertain times.

Let's set-up for a cost reboot :

To be prepared for facing a new crisis such as the COVID-19 pandemic, companies have to swiftly adjust their cost models relying upon a truly agile and scalable business, including:

• Improved flow of resources to areas of strategic importance
• Minimized effects of organizational weakness
• Reduced level of inefficiencies
• Decreased amount of effort and costs dedicated to non-strategic activities

Let's discuss how organizations and leaders need to look at cost-centers in the new scheme of things.

For more details, visit us at: https://grazingminds.co.in