
This book is also available as an Amazon Kindle eBook.
Aimed at managers, and their advisors, embarking on
major cost reduction programmes, it outlines the key tools available for, and
potential pitfalls in, implementing sustainable change. For many businesses, at some point in their lifecycle
reducing costs will be vital for their survival. In a crisis, cost
reduction is a priority, and businesses may need to cut many costs to restore
their health. Unfortunately, cost cutting is sometimes undertaken carelessly,
and may cut a corporate artery, or is performed so persistently that it can lead
to a ‘death by a thousand cuts’ and closure.
Strategic Cost Reduction takes a holistic approach to cost
reduction, placing it in a wider strategic framework. Based on the experience of
leading practitioners, it outlines the key tools available for, and potential
pitfalls in, implementing sustainable change. It is aimed at managers, and their
advisors, embarking on major cost reduction programmes. While written from an
Irish base, where cost competitiveness poses particularly severe challenges for
both business and Government, its messages are global.
The first edition of the book received widespread critical acclaim for its
practical approach and clarity of vision. For example:
“This is an excellent practical guide on a vital
topic confronting most businesses.”
Dr Philip Nolan, Chair, John Laing plc
“Cost reduction is part and parcel of how modern
companies operate. This book gives not only good advice, but also the necessary
context. A very useful read.”
Frank O’Regan, Global Vice-President, Bausch and Lomb
This 2nd, enlarged edition expands on the material included in the first
edition with a greater international focus. In particular, it emphasises
implementation issues and includes many more examples, including two new
chapters dealing with the causes of business failure and implementing the
cost-reduction plan with illustrations from financial services and the public
sector.
Contents
Part I – Evaluating
budgeting and other traditional approaches to cost reduction to assess the
health of the business and the need for cost reduction
- Budgeting Challenges
- Effective control
- The role of the functions in traditional cost
reduction
- Is there a problem with current performance?
- Emergency cost reduction in a cash crisis
Part II – Approaching cost reduction strategically to fit the cost
reduction programme into the wider framework and values
- Preliminary strategic considerations
- Critical functional considerations
- Discovering the strategic drivers of cost
- Exploiting the value chain
- Deciding on size
Part III – Using modern operational aids to analyse and manage costs, providing a path to ‘leanness’ and continuous improvement
- World class and lean manufacturing
- Radical Improvement
- Business process re-engineering
- Benchmarking
- Outsourcing
For further information contact publishing@charteredaccountants.ie or telephone on (+353) 01 637 7204
The Authors
Tim McCormick has worked in the field of financial training
since 1990. Prior to this, he spent 17 years in investment banking. He obtained
an MBA from INSEAD in France, qualified as a Chartered Accountant with KPMG in
London and graduated with a primary degree in Economics from Trinity College
Dublin.
Dermot Duff is a Programme Director at the Irish Management
Institute, specialising in enterprise development and business strategy. He is
also Strategic Company Module Coordinator for the MBA at Trinity College,
Dublin, a business advisor coach for Enterprise Ireland and a programme
programme leader for the University of Nottingham. He also teaches on the Henley
MBA and on the University College Cork M.Sc. in Management Practice. He holds a
B.E. from University College Dublin, an M.Sc. (Mngt) from TCD and a Diploma in
Executive Coaching from UCC. He is also author of Managing Professionals and
Other Smart People (Chartered Accountants Ireland, 2014).