Expertise : Management Today Survey
The strategic importance of cost management
In 2013 Auditel commissioned an independent survey to examine the strategic importance of cost management amongst organisations across the UK. Over 120 business leaders responded to the survey, which was undertaken by leading business magazine Management Today.
Key findings suggests that:
- (70%) of organisations do not have a cost management strategy in place,
- Lack of understanding is the greatest obstacle to cost management,
- The topic of cost management is on the boardroom agenda for 82% of respondents,
- CEO’s are in the main (60%), seen to be champions of cost management exercises, closely followed by Financial Directors (40%),
- In 73% of organisations, cost management measures are undertaken in-house,
- Two thirds of respondents recognise that cost management can accelerate performance, improve efficiency and gain competitive advantage.