COST RATIONALISATION & OPTIMISATION: LEVERAGING DATA FOR IMPROVEMENT

INTRODUCTION FOR COST RATIONALISATION & OPTIMISATION: LEVERAGING DATA FOR IMPROVEMENT

This 2-day workshop is tailored for the cost rationalization and optimization efforts at specific company, focusing on utilizing company-specific data and processes to identify actionable areas for improvement.

This workshop aims to provide a robust framework for evaluating existing cost structures and operational processes. Participants will engage in hands-on activities designed to analyze their unique cost metrics, uncover inefficiencies, and explore best practices in cost management within the relevant business sector.

During the session, participants will delve into the foundational principles of cost rationalization and optimization, leveraging company data to guide discussions and activities. Through a combination of presentations, breakout sessions, and interactive exercises, the team will identify low-hanging fruits for quick wins as well as long-term strategic changes.

The workshop will equip attendees with actionable plans, performance measurement criteria, and an implementation roadmap, all aimed at enhancing operational efficiency and financial performance. By the end of the day, participants will leave with renewed confidence and clarity on how to navigate the next phases of their cost rationalization initiatives, driving sustainable improvements for their organizations.

LEARNING OBJECTIVE

1. Understanding Cost Rationalization Principles:

   Equip participants with a clear understanding of the principles and methodologies behind cost rationalization and optimization specific to the technology and telecommunications sector.

2. Data-Driven Analysis:

   Enable participants to analyze and assess the company’s current cost structures and operational processes using real data, helping to identify areas of inefficiency and unnecessary expenditure.

3. Identifying Improvement Opportunities:

   Facilitate collaborative discussions and activities that lead to the identification of specific cost-saving opportunities and optimization strategies within the organization.

4. Exploring Best Practices:

   Introduce industry best practices and successful methodologies that can be applied within the company to enhance cost management and operational efficiency.

5. Action Planning:

   Guide participants in developing actionable implementation plans, including strategies, timelines, and measurement criteria for the identified cost rationalization opportunities.

6. Stakeholder Engagement Techniques:

   Effective communication and stakeholder engagement techniques to help participants advocate for proposed changes and ensure buy-in from all relevant parties.

7. Creating an Implementation Roadmap: Assist participants in constructing a high-level roadmap that outlines the steps necessary for successfully implementing cost rationalization initiatives and monitoring progress.

WHO SHOULD ATTEND

This workshop is targeted to:

1. Financial Managers and Controllers
2. Operations Managers
3. Budget Analysts
4. Human Resources Managers
5. Project Managers
6. Business Analysts
7. Procurement Managers
8. Compliance and Risk Management Managers
9. Team members of cost rationalization initiatives

LEARNING METHODOLOGY

Interactive lectures and discussions, breakout sessions, group exercises, group presentations.

COURSE CONTENT

Section 1: Introduction to Cost Rationalization & Optimization

• An overview of cost rationalization and optimization concepts: definition and purpose, importance, key principles, benefits
• Overview of Methodologies

Section 2: Current State (of the company)

• Overview of the cost rationalization initiative’s progress, including current data on cost structures, process diagrams, and key performance metrics.
• Discussion: Outline existing challenges, opportunities, and objectives for the session.

Section 3: Strategies for Cost Rationalization and Optimization

• The 8 ways: description and examples
• Discussion: Where may these be applied at your company?

Section 4: Data-Driven Assessment

• Exercise: Analyze and discuss the provided company data regarding cost structures and financial metrics.
• How does the company fair against benchmark?

Section 5:  Supply Base Optimization

• 6 steps to ensure success
• Benefits of supply base optimization
• Exercise: Analyze and discuss the provided company data regarding vendors and suppliers.

Section 4: Process Evaluation

• Group Activity: Review the company’s process diagrams.
• Exercise: Identify inefficiencies, bottlenecks, and redundancies in the current processes.
• Output: Each group documents specific areas within the processes that can be optimized.

Section 5: Best Practices in Cost Rationalization

• Presentation: Highlight industry best practices and methodologies tailored for the technology and telecommunications sector.
• Discussion: How these approaches align with the current company situation and can be utilized for improvement.

   

Section 6: Identifying Improvement Areas

• Breakout Session: Based on data and process evaluations, participants identify specific areas ripe for rationalization and optimization.
• Focus on low-hanging fruits (quick wins) and long-term strategic changes.
• Output: Each group presents their findings and proposed areas for improvement, including rationale based on the data.

Section 7:  Action Planning for Change

• Workshop Activity: Develop actionable plans for the identified improvement areas, assigning responsibilities and timelines.
• Key Components: Specific strategies for implementation, measurement criteria for success, potential risks and mitigation strategies.
• Output: Each group presents their action plans

Section 8:  Addressing Challenges and Stakeholder Engagement

• Panel Discussion: Anticipate challenges in implementing proposed changes and engage in strategies for stakeholder communication.
• Role-Playing Exercise: Participants simulate discussions or presentations to stakeholders to build persuasion and communication skills.

Section 9: Implementation Roadmap Development

• Group Activity: Create a high-level roadmap that outlines the steps for implementing the cost rationalization and optimization strategies.
• Components to Include:

  – Key milestones

  – Responsible parties

  – Follow-up timelines and communication protocols

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