How do I develop a cost management strategy that maximizes efficiency without compromising growth potential?
Traditional cost reduction methods typically fail to achieve the targeted reduction, take longer, and are more expensive than expected. Often, costs are allowed to creep back to historical levels. In working with clients to address cost concerns, PwC has found that there are two foundational elements that should be addressed to help ensure business improvement efforts are well positioned for success. The first element is to focus on costs that can be reduced by understanding what money is spent and why on a functional basis, and by ensuring these functional costs have sound alignment to company financial plans and budgets. The second fundamental element is to change the way money is spent, making these cost reductions sustainable, and creating a culture of cost consciousness that will promote further cost reductions. How PricewaterhouseCoopers can help Our retail and consumer professionals team with your company, helping you develop strategic responses to the following cost management
