This report highlights the importance of strategic cost management in the new normal. To achieve business success and growth, companies should budget for each cost component separately and strive for granular and methodical budgeting. This will provide better visibility into actual costs and enable timely actions to address price non-compliance or process inefficiencies. The report also emphasizes the need for caution in the current unpredictable climate and suggests that an effective strategic cost management program can help businesses retain their competitive advantage and thrive in the short to medium term. Finally, the report recommends leveraging digitalization solutions for effective cross-functional collaboration and regular monitoring of costs.
