Cost Reduction Strategies: Best Practices
As the pace of innovation accelerates and customers expect ever higher standards of performance, consumers benefit from greater choice, lower prices and more convenience. Review best practices and strategies that can be implemented to aid in reducing costs.
Learn about a new approach to cost reduction based on proven methodologies that will highlight the limitations of traditional bottom-line thinking. Follow along with a step-by-step guide through key areas, such as resource planning and product and process design. Discuss actual case studies of successful cost reduction programs. Additionally, learn how suppliers and customers can be part of the overall strategy to reduce costs.
- Pitfalls of traditional thinking about costs
- Attributes shared by world-class competitors
- The causes of cost and how costs are driven out
- Advantages of zero-base budgeting
- JIT vs. ABC approaches to cost reduction
- Incorporating suppliers and customers into cost strategy
- Stages of cost management
- Determine the difference between bottom-line and customer-driven approaches to cost management.
- Recognize the critical link between operational design and financial performance.
- Learn the advantages of zero-base budgeting and how to deal with its disadvantages.
- Identify how to combine the proven benefits of the JIT and ABC approaches to cost reduction.
- Review how to achieve results through improved productivity, cycle-time control, quality control and process value analysis.
- Recognize the importance of eliminating idle resource capacity costs and nonvalue-added activity costs.
CFOs, controllers, financial analysts and accountants.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.