Public sector entities must address the long-term financial impact caused by the pandemic, while continuing to care for citizens. Manufacturers must maintain visibility and manage supply chain disruption. COVID-19 has forced enterprises to focus on reducing costs, but leaders must implement strategies that prepare for what’s next. Organizations that pivot from cost reduction to resiliency will be better prepared for the digital reinvention of tomorrow.
Many companies have struggled with profitability during the pandemic,
but all cost reduction measures are not created equal. Our latest research shows
Leaders in technology adoption are twice as likely as Laggards to be using cost
reduction strategies to reinvest savings into their core products and services.
Harvard Pilgrim Health Care Cut core support cost by $13.5 million through automation and process improvement.
Jackson National Life modernized 40 critical applications, enhancing operational efficiency and the user experience, while also reducing overall maintenance costs.
East Tennessee Children’s Hospital projects $1.3 million in first-year cost savings and cut outdated inventory by nearly 50%.
Yaskawa America Inc. leveraged a cloud-based supplier portal for real-time insight into a global supply chain and speed up development by 50%.
Masergy cut its monthly closing cycle by two days, reduced payment cycles by 75%, and improved user efficiency through a new cloud platform.
While a handful of industries are flourishing during the COVID-19 pandemic, far more companies are fighting for survival. And as the slow months drag on, forward-thinking enterprises are finding answers in technology solutions. Our POV paper explores why you need a long-term strategy, rather than relying on aggressive cost-cutting measures in the short term.DOWNLOAD YOUR COPY NOW
Data can be a key element to reducing costs. Most companies are unable to properly process and analyze their existing data, which leads to potential waste. Improved data analytics can help clients reduce inefficiencies across the organization and improve customer service and sales targeting.
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