Operational and financial efficiency have been at the core of all organisations. They have dominated the agendas of all budget meetings and reports, as companies are always looking at ways to reduce costs and enhance profit. But this year was unlike any other for organisations, as the pandemic put their cost optimisation plans to the test and gave them an opportunity to gauge future readiness.
Owing to the nature of the sector and the effect of the pandemic, cost optimisation has been a key area of concern for organisations in the retail, hospitality and leisure sector this year. But it’s extremely surprising to see organisations in the technology, media and telecommunications (TMT) sector, planning extensively for the future too. For the last 20 years in the industry, I have never seen clients undertake such rigorous levels of cost optimisation for their organisations.
In our first in the series of KPMG's ‘Future of’ new reality virtual events for the TMT sector, we focused on the 'Future of Cost Optimisation'. Ed Boulton, Director, Global Strategy Group and I looked at how the pandemic has changed cost optimisation strategies for organisations. In this blog, we will cover the topics we discussed and some practical guidance on how to plan for the future of cost.