Smart spending

It's not just about the numbers

Get the cost transformation mindset right and the figures follow.Just 36 percent of senior executives report their organizations sustain benefits from cost transformation programs.1 This, despite headlines heralding the rise of cost transformation programs across industries, from consumer goods manufacturer Procter & Gamble, to the largest bank in Israel, Bank Hapoalim.

What does this 36 percent do that the rest do not? We believe they create a smart spending mindset.

Controlling costs can be framed in many different ways (e.g., zero-based budgeting and its counterparts) but the savvy leadership team presents it to employees as “smart spending.” Smart spending implies an employee’s active role and draws a parallel to what many of us already do

in our personal lives. Conversely, “cost transformation” sounds like one more corporate program to which employees must adhere, but would rather ignore.

Leaders who know how to instill the right mindset, and make employees partners in reinventing their company, tend to see better results. These leaders directly correlate savings to growth in an inclusive, business-driven approach that can be the missing ingredient in many cost transformation programs. Add a smart spending mindset and you could be adding your company to the elite upper third that lead the way with successful cost transformation.

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