The So What from BCG
Cost Efficiency in Uncertain Times
Feb 14, 2024
Learn how business leaders are focusing on cost efficiency in uncertain times, exploring strategies for reducing costs and investing in the future. Discover the challenges and strategies of pivoting in the supply chain. Explore the role of AI in driving efficiency and cost structure. Understand the gap between consumer sentiment, CEO sentiment, and economic data, and get recommendations for effective cost management.
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Quick takeaways
- Companies should take a holistic approach to cost evaluation, considering overhead costs, talent allocation, supply chain optimization, and product design.
- To achieve sustainable cost reductions, organizations should focus on understanding the value of internal products and processes, rewiring supply chains, and embracing technology and AI.
Deep dives
Cost efficiency back on the table for CEOs
After years of disruption, CEOs are prioritizing cost efficiency while navigating macroeconomic challenges and sustaining growth. Companies are advised to take a holistic look at their organization, mapping networks and evaluating contracts, pricing, and suppliers to identify inefficiencies. Overhead costs, talent allocation, supply chain optimization, and product design are crucial areas for cost evaluation and investment. Implementing lean practices, such as rewiring supply chains, leveraging technology and AI, and adopting a lean mentality, can lead to sustainable cost reductions and operational improvements.
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