When developing your innovation agenda, bear in mind that employees deal with inefficiencies in your company daily, often having diverse and powerful ideas related to organisational processes and products. They also have opinions and insights concerning the areas and processes in which it could make more sense to cut or to invest.
Top-down approaches sometimes bring your initiatives from micro level to macro level, relying on transformational opportunities to reduce costs. Yet they do it without looking at the whole picture, unable to identify the real inefficiencies, unable to create a sustained way to drive costs and to change inefficient spending behaviours.
You can save time and money by having your employees contribute ideas for the cost-cutting strategy, as well as cost-optimisation ideas that can transform and impact the company positively.
Any ‘reductions’ or ‘cuts’ should aim at building a more robust organisation, in search of innovative ways to redefine itself. There are limitless options according to your reality. Have a look at some sample results from customers who incorporated a cost-cutting strategy in their innovation agenda:
STEP 3 advises you to invest more on a bottom-up approach, calling on people’s knowledge and experience to help you separate the wheat from the chaff and find concrete and innovative solutions, mainly at micro level.
Andreia Agostinho Dias, Sales Executive
Diana Neves de Carvalho, Exago’s CEO
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