7 Principles of Effective Cost Reduction

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7 Principles of Effective Cost Reduction

Implementing effective cost reduction is an imperative for any organisation if it is to fund future growth. It’s not acceptable to target a mere 10 percent reduction, when your target should be 20 percent within 18 months. This article explains why cost reduction essential, and it explores the core principles required to succeed.

Cost reduction in Plc. or SME: two sides of the same coin

The time is now! Whether you work in a publicly listed company or a small to medium enterprise (SME), the drivers – and challenges – remain the same. For the publicly listed company, the threat is from activist hedge funds who deliver the cost reduction ultimatum coupled with the threat to replace the management team for non-performance.

For the SME, the pressures are similar, except they must answer to their fellow directors, lenders, and suppliers. Very often, the directors have their own equity on the line – their homes, for example – and so the pressure is even more intense.

Reading Time: 7 minutes

Conclusions

From being bold in your approach to automating the mundane, cost reduction is a multi-faceted topic. Moreover, the execution of your goals does not have to cause distress for your colleagues or your workforce, because the opportunity to modernise can bring rewards too.

How Do I Find Out More?

Call the Advanced UK sales team on 01895 811811 to configure your solution.

Advanced Anniversary 30 Years
Humperdinck Jackman

Humperdinck Jackman – Marketing Director

Humperdinck has a 30-year career spanning Document Management Systems (DMS), data protection, Artificial Intelligence, Data Protection and Robotic Process Automation. With many articles published in print internationally, he believes the advances in office technology are such that we’re entering the 4th Industrial Revolution. Now Director of Marketing and Consulting Services at Advanced UK, he’s as active with clients as he is in endeavouring to write original blog articles.

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