Case Studies / Business Transformation
Fortune 50 Enterprise Embarks on Cost Transformation Journey
Healthcare Industry
Scope
- Despite the strong business performance, a Fortune 50 enterprise understood the financial downside of pervasive market disruption in their industry, the looming negative pressures of ever-increasing complexities across their products, services, and platforms and the overall need to influence unit cost trends in the face of business growth.
- Past attempts to reduce costs focused on low-hanging fruit within departmental silos. This approach provided short-term results that were not sustainable over time and did not create a path towards long-term cost management.
- Cost transformation became a business imperative.
Results
- Using a highly collaborative approach, Northridge created the structure and led the process for this firm’s cost transformation:
- Established a baseline of current cost structure through interviews and data mining
- Identified and sized opportunities for transformation using data-driven analytics
- Created executive-level discipline for governance and communication, building the management infrastructure for an ongoing cost transformation culture
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