Cost_Control


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Cost Control & Business Process Improvement

Cost Control

The importance of cost reduction programs within a company cannot be overstated. Companies that are losing money, need to increase profits, or must become more competitive need to cut expenses in order to succeed. Knowing how to implement effective cost reduction strategies can be the determining factor in the survival of a business

A cost reduction plan is one that focuses on lowering costs in every business activity. The activities vary by type of business but the concept of cost reduction does not vary.

The importance of cost reduction plans is related to the most common reasons why expenses must be cut in a business.

Need for increased profits
Improved competitive standing
Preserve company resources
Reduce waste
Improved productivity

It is not easy to compete in the market today. Rising prices, shifting fuel rates, global competition, varying labor rates around the world, and spiraling health insurance costs have made cost control a moving target. Sometimes it seems that a company gets one set of expenses under control, and in the meantime, another area of the company begins experiencing cost overruns. It is a never ending battle to maintain company profitability.

Business Process Improvement

In order for a business to make money and to remain effective over time, leadership must continually plan and oversee the organization from the top-down. If businesses have a clear understanding of their day-to-day operations and processes, they stand a better chance of long-term success. A crucial component in understanding, solidifying and enhancing operations is a practice known as business process improvement.

Business Process Improvement is defined as a systematic approach that allows companies to optimize their core processes in order to obtain the most efficient results.

When it comes to business process improvement, the overall goal is to determine which company processes are the most efficient and what processes are problematic. The company will then be able to determine the steps it needs to take to reach its' goals. For example, in cases where a company has inefficiencies or is spending too much money on resources that it does not need, it would evaluate how to best improve its process so that it is efficient and able to maximize its' performance. Business process mapping is typically used to achieve these goals.