What are key areas - opportunities, automation, data analysis, department, teams, processes, tools you will look at?
What will you do "to do more with less(money)" Saving Changes...
Sort By:
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
I am from South America. We always must do more with less. Mainly in my country, Argentina. So, it is a common practice. It is not about do "more with less". It is about "work smart instead of work hard". That´s all. Saving Changes...
Hi,
From my point of view , you can cut budget in below way :-
1- You can strive to eliminate any work for which the cost exceeds the value but remember it surely has some value and that cutting it will cause a certain amount of discomfort.
2- Improve the process- more effective and efficient . so you can reduce the cost.
3- Automation or Reduce Manual processes - Where do you use people to process forms or information repetitively, rather than do it electronically . Saving Changes...
The first step would be understanding your current cost structure. Some items will dominate the equation and others will be inconsequential. Additionally, you may have significant leverage over some items but not others, for example you may have fixed capital costs. You will get the most return on investment of effort by focusing on the largest cost contributors where you have the most leverage. Sometimes a matrix will be created of possible cost reduction ideas ranking them by perceived benefit, vs. probability of success.
Opportunities should be sought from different perspectives as they can be broken down different ways. You can break down costs by functional contribution, and then look at the cost structure of the largest cost components of the functions with the largest budget. On the other hand, processes are often cross-functional, so you can also look at which processes contribute most to the cost of all the functions combined. Saving Changes...
this is classic risk management if it happens once in a while, or part of your normal planning if it is a frequent occurrence. One simple approach is having a "Plan B" (and C and D) for different scenarios of cost reduction. The key is to make sure you follow proper change control when this reduction occurs.
- Eliminate Waste...(Technical, and Business process wastage) - Use Collaboration Tools efficiently more often than having business Trips that munch larger into the budget. - Minimize Re-Work by following Strategic Design principles w.r.t. your work product. - Optimize Operational Expenses.(these are recurring costs so one small improvement goes a long way) - Enable Self-Supportability as an inherent feature for every product than investing in huge customer care overhead. - Monitor and be proactive managing problems than reacting to Chaotic incidents impacting company revenues and brand value. - Negotiate HARD and invest in strong negotiators within SALES team while dealing with vendors. - Review projects more frequently... Nothing wrong to get real-time radiators that tell how things are moving w.r.t. plan. - Reward Savings mindset and innovative minds more often and in public. - Above all.... DO RISK MANAGEMENT more diligently most businesses do Issue management that is more costly than being able to identify, qualify, quantify and respond to risks early in the cycle. - Keep stakeholders constantly engaged and have the GUTS to say NO when aspirations try to take over business Goals having possible impact to COST. - KNOW your team on what they can deliver before committing and planning for budgets. Saving Changes...
this is classic risk management if it happens once in a while, or part of your normal planning if it is a frequent occurrence. One simple approach is having a "Plan B" (and C and D) for different scenarios of cost reduction. The key is to make sure you follow proper change control when this reduction occurs.
Kiron
Thank you Kiron.
Please post an example of Change Control. Saving Changes...
