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It is often during challenging economic times that leaders are under pressure to cut costs, which sometimes come at a significant price to the business in the long-term. Each company will have its own priorities and opportunities for cost optimization. That is why it is so important that they take appropriate measures to identify and pull the right operational levers.

KPMG can help companies undertake cost optimization programs with a carefully considered, strategic approach. COVID-19 has undoubtedly been a crisis, but it provides us with opportunities to analyze the present and invest in future growth – and, hopefully, come out stronger on the other side.

Read KPMG in Canada's recently published Cost optimization playbook: a guide for ensuring stability and funding growth.

Effective cost optimization can ensure business survival and fund future growth

Effective cost optimization should combine expertise from across an organization, including the finance, supply chain, IT, HR, operations and customer functions, in order to deliver integrated solutions rather than siloed views.

Whether an organization is looking to ensure stability or outperform its competitors, it will require the right mix of intelligent cost-reduction, investment in key assets and development of new business opportunities.

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