Cost Transformation
The Northridge Group – A Leading Management Consulting Firm
Business Process Optimization
The cost Transformation Challenge
Traditional cost management techniques often set reduction goals by department, encouraging teams to work within their silos and pick off low-hanging fruit. This method is simple to implement but tends to produce only short-term benefits and lacks a broad perspective, ultimately proving unsustainable.
At The Northridge Group, we take a different tack. We advocate for a cost transformation journey that reshapes your firm’s entire cost structure for the long haul. Our strategy helps you identify the key drivers of your end-to-end costs and harness significant changes in business processes. The result? A newly optimized cost profile that not only cuts expenses but also positions your firm for transformative success.
Our solutions
Cost transformation engagements are typically performed in phases with specific sets of outcomes and deliverables.
Establish Cost Baseline
This step in the journey creates visibility at a detailed, operational level into the correlation between work that is done and the resulting costs incurred. The baseline is created from an end-to-end process view, irrespective of departmental silos, and enables the organization to view costs as an equation of unit costs and volumes. Financial scenarios are then developed to establish “what if” scenarios.
Reshape the Cost Curve
Changing the trajectory of the cost curve requires identifying opportunities for business transformation that will fundamentally alter the way work is performed and will substantially modify the work driver volumes. These business transformations look to the future state of business operations. Technology Assessments: Examine the use of technology to strengthen digital capabilities such as customer self-service options. Business Process Redesign: Simplify processes or eliminate work steps to reduce errors, re-work and manual intervention.
Leveraging a Better Cost Structure
Cost transformation demands a continuous evaluation of the business and financial performance. A cost culture creates a mindset that today’s financial results are not good enough for tomorrow’s competitive and ever-changing marketplace. Discipline driven through a governance and communication process, coupled with a management scorecard that drives insights for action and accountability for results, are critical success factors in building a cost culture.
Our services
maximize performance
Cost transformation is an absolute call to action for organizations wanting to maximize business performance and be leaders in their industry.
As an enterprise grows and faces challenges created by marketplace disruptions, increasing client expectations, legacy platforms or regulatory compliance requirements, “business as usual” is not a recipe for success. Instead, continuous evaluation of all the levers that impact financial performance — including the way costs are managed – will ensure financial success.
We’ve spent over 20 years helping Fortune 500 companies and beyond reach the business performance they need to compete and succeed. Contact us today and begin the conversation.
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