What is Cost Reduction Anyways?
As a Cost Reduction Advisor, I get asked this question a lot. Most fear that cost reduction is about making drastic cuts, kind of like getting on an extreme diet to lose weight. Who loves that? Personally, I do not. Anything extreme always ends in failure. Cost reduction is the process used by companies to reduce their costs and increase their profits. Depending on the company’s products or services, their strategies can vary. Why cost reduction strategies fail The majority …