Ex-Senior Banking Director explains his role as part of Auditel’s Strategic Cost Management team of experts
Stuart Spence is a cost management consultant with Auditel, the UK’s pioneer of Strategic Cost Management. Stuart spent 30 years in Banking, 20 in relationship management, his last role being a Relationship Director working with a wide range of business sectors, the public sector and charities.
Auditel began to lay the foundations of Strategic Cost Management in 2012. Extensive independent research was undertaken and a survey conducted together with the influential business publication Management Today. The results underlined the fact that there is a genuine lack of appreciation within the business world of the distinction between simple cost cutting exercises and strategic cost management.
Auditel’s research showed that cost reduction is just part of the process. Businesses need a strategy in place to make sure that those costs are monitored on a regular basis. You need the right people, tools, knowledge and processes. Otherwise, you can start to get price increases and your hard work comes to no avail, as costs come flooding back.
Stuart says: “The Auditel proposition is a compelling one. They look to help clients increase efficiency, reduce waste and deliver sustained benefits. These improve both performance and profitability”.
To achieve this, Auditel has made it their mission to ensure that each facet of its cost management service is effective for organisations of all sizes, in every industry sector and across all areas of business expenditure. Their Total Cost of Purchase® programme can reveal an unprecedented amount of ‘hidden’ cost management data quickly allowing evidence-based, tailored solutions that really match the needs of each client.
Stuart says: “I bring to Auditel good problem solving, analytical and organisational skills. As you’d expect from my background, I am adept in analysing and interpreting financial information, budgets and forecasts and where necessary, challenging underlying assumptions. I understand the importance of managing costs effectively in order to allow businesses to flourish.
“There can be challenges when people within an organisation try to undertake Strategic Cost Management themselves, without the essential experience, tools or knowledge. Often their actions, however well-meaning, do little more than scratch the surface of what can be achieved. By engaging, and working with, an Auditel consultant, our clients benefit from an additional specialist member of their management team, without incurring any of the usual costs associated with in-house resources.”