Cost Management/Cost Reduction

GENERAL

Effective Cost Management directly impacts bottom line profitability.  The most profitable business generally have implemented “best practices” for controlling costs including policies, procedures & processes with appropriate levels of governance and include comparative assessments to evaluate alternatives.

SOME TYPICAL COST REDUCTIONS

  • Asset Purchases & Utilization (Products (10-40%) & Services (30-50%))
  • Business Development (5-15%)
  • Case & Conflict Management (5-15%)
  • Contract Management (5-30%)
  • Document & File Management (15-30%)
  • Hardware (10-40%) & Software (20-35%) Purchase & Management
  • Information Services (LexisNexis, Microsoft, ThomsonReuters, etc.) (5-25%)
  • Information Technology (LAN/WAN, Telecom, etc.) Selection & Utilization (15-50%)
  • Insurance (Health, Disability, Liability, etc.) (5-15%)
  • Litigation Support (15-35%)
  • Office Services (Copy Center, Package Delivery, Travel, etc.) (15-30%)
  • Space/Real Estate Management (5-15%)

The initial reaction to cost reduction has traditionally been to cut head count, which at best has a delayed impact and worse yet may not provide the desired long term effect. A more sustainable impact comes from process improvement which results in institutionalized lower costs year after year. While current cost reduction opportunities seemingly are at an all-time low, consider how well your department handles the following:

  • Application portfolio management & streamlining
  • Mobile device inventorying & data security (w.r.t. compliance requirements)
  • Evaluating and/or leveraging efficiency & scalability opportunities with cloud solutions
  • Lowering storage & power costs
  • Improving network effectiveness
  • Lowering real estate costs
  • Improving vendor management or implementing purchase process optimization
  • Improving Marketing/Biz Dev effectiveness by lowering the cost of getting new business
  • Improving Library Research Services
  • Improving individual performance

IMS can provide your department with a free high-level budget review identifying opportunities for practical improvement. If you are interested in receiving a free analysis or would like more information, contact John Haselmann at jhaselmann@integratedmgt.com.

CASE STUDIES

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