Conduct detailed analyses of workflows to identify inefficiencies. Implement technologies like RPA to automate repetitive tasks, reduce errors, and save time. Train procurement teams to negotiate effectively for better pricing without compromising quality. Building long-term supplier relationships often yields better terms and reliability. Encourage a culture of continuous improvement where team members can propose solutions for better cost management without sacrificing quality. Use real-time performance tracking tools to monitor costs and quality metrics simultaneously, ensuring quick adjustments when needed.

The cost of rework is severely under-estimated in some areas. Investing in getting things right the first time will give a return on investment. This can be achieved (or at least improved) through: 1. involving the people performing the process in improving quality 2. automating control checks 3. training 4. incentivising getting it right first time #FinanceTransformation

"Sometimes, less truly is more." The key to cutting costs while preserving quality is recognising that smart cuts often come from eliminating the unnecessary, not the essential. Focus on refining what works and ditching the rest. One powerful strategy is to focus on your top-performing services or products and invest in improving those areas to increase value without increasing costs. Look closely at customer feedback to identify the features or services they value most and concentrate your resources there. A real-world example: by automating repetitive tasks, a company saved 20% on operational costs and increased service speed, all while enhancing customer satisfaction.