This video emphasizes the vital disparity between efficiency and cost cutting and their implications on customer and business value. I introduce three key concepts and distinctions.
- The first concept differentiates effectiveness (big "E") and efficiency (little "e").
- The second concept contrasts efficiency and cost cutting in terms of Efficiency vs. Cost Cutting: Strategic vs. Tactical Cost reduction.
- The third concept clarifies the discrepancy between cost cutting and cost optimization.
I cover the risks of haphazard cost cutting, which ignores impacts on efficiency, effectiveness, and overall value delivered to customers.
Understanding effectiveness, efficiency, cost cutting, and cost optimization distinctions is crucial. This strategy ensures cost reduction efforts resonate with customer expectations, business objectives, and overall value generation.
Resources:
- Efficiency vs. Cost Cutting blog (www.inteqgroup...)
- Lean: Getting Early Wins from BPM
(www.inteqgroup...)
- Cost Optimization: Three Essential Strategies
(www.inteqgroup...)
- Cost Optimization Initiatives: 10 Best Practices White-paper
(www.inteqgroup...)
Contact us today if you have more questions: info@inteqgroup.com or www.inteqgroup...
About Inteq: The Inteq Group, Inc. is the worldwide leader in Business Transformation - including Business Process Reengineering, business analysis consulting, training for business and I.T. professionals, and development of cloud-based application software solutions. We offer Anytime eLearning courses, in person training, and live virtual training.
Check out our website: www.inteqgroup...
LinkedIn: / the-inteq-group-inc
8 авг 2023
