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Cost Reduction Strategies that Work

July 20, 2020

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Actions to Address Crisis can Create Permanent Cost Reduction Strategies

Changes you’ve made to your working practices during lockdown can extend beyond the pandemic. The current climate has driven an unprecedented take-up of consumer digital channels, rapid digitization of manual and paper-based processes, and reduced utilization of head office buildings. This presents an opportunity to crack down on costs permanently and develop cost reduction strategies into next year.

To realize cost savings permanently, our team has developed a list of actions you can take right now. Read below to see the highlights, or click on the factsheet image to discover the full list.

Cost Reduction Strategies:

  1. Adapt your products and services to reflect new customer behaviors, specifically the flight to digital

  2. Critically assess the risk impact of things you’ve had to stop doing (100% compliance checks, manual assessments etc.) to determine if they merit being reinstated in BAU

  3. Examine current activities to remove duplication of tasks, roles and functions

  4. Recalibrate spans of control, management layers and accountabilities to realize economies of scale

 

Click to discover the strategies.

 

Related Topics:

Will Your Pandemic Modifications Last?

How’s Your Operational Risk Health?

Time to Pressure Test Your Complaints Management Program

Communicating with Customers