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Cost saving

JAGANATHAN R ACMA, SAP(Fi-Co) (Manager Accounts and Finance) (915 Points)

10 December 2021

Hi.

Greeting!

Please could you provide two examples of when you have achieved cost savings in an organisation?

Thanks

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4 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 10 December 2021

When you implement a good quality control, then any detective goods that get produced will eliminate by keeping proper checks on production.

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 10 December 2021

It depends upon many factors. Just follow off performance management and you will observe many things which you can achieve. However, there are no formulas to do magic.

CA Raj Doshi (Practising CA) (8735 Points)
Replied 11 December 2021

A higher rate of interest loan paid off with a lower rate of interest loan. Evaluating whether to start a factory canteen vs appointing a third party caterer. Maintaining a dollar bank account to avoid conversion costs for export Receivables and import payables etc etc

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yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 16 December 2021

These are also good measures, Finance side and quality side. Then you can improve on governance to reduce any agency costs. It's simply like when ever you give a check to your creditor, find out what are the other alternatives you could have chosen to reduce that cheque into half. You will automatically know what to do.