What is the right way to structure a cost reduction initiative?
Leverage CAEDENCE's Engineered Cost Reduction Approach (ECRA)™ - it addresses all aspects of planning and execution and can be easily tailored to suit your needs.
Executing an effective cost reduction initiative goes beyond simply identifying a need, communicating a dollar value, and holding workshops.
Cost reduction initiatives must start with a broader review of gap areas across the entire enterprise (considering existing and acquired sites) and definition of the future state goals. Buy-in must be secured among the key stakeholders and participants. The steps and metrics needed to ensure engagement before, and accountability beyond, the initiative kickoff must be planned.
Three stages are needed to execute a strong cost reduction program:
1) Preparation and Kickoff: Set the overarching strategy, set goals, align stakeholders and teams, and create an execution plan.
2) Site Workshops: Complete needed pre-work, create a pilot program, fine tune the initiative based on the pilot, and define a coordinated rollout plan.
3) Control: It is critical to set up an accountability plan with KPIs and owners, set periodic steering team meetings, and monitor progress.
CAEDENCE can support you every step of the way from program planning to control and accountability. Let us help manage your cost reduction initiative to achieve the optimal results for your company. Our Engineered Cost Reduction Approach (ECRA)™ addresses all aspects of planning and execution. It can be easily tailored to suit your needs.
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