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You can't reduce costs if you don't know what your costs are

Updated: Sep 24, 2023


One of the areas that concerns nearly all organisations is the matter of costs and their reduction.


There is a simple management fact, 'What can not be measured, cannot be improved'. The same applies to cost control and reduction, because we will never be able to measure whether we are going forward or back.


To my horror and shock a large number of clients have little or no usable data. Just providing balance sheets and reams of accounting entries is insufficient, but it can be a starting point.


For achieving cost reduction it is essential that we collect cost data and identify contributing factors. Then using a number of tools, techniques and analysis one can hone in on the problems and take necessary actions.


 

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