This episode is about How To Reduce Operational COSTS (OPEX).
Here's a summary of what I will talk about:
Operational cost reduction strategies
1. Identifying areas to reduce operational cost
2. Conduct a cost analysis for all areas of the business
3. Prioritize areas for operational cost reduction
16 Ways to reduce operational cost
1. Automation
2. Streamlining processes
3. Eliminating waste
4. Negotiating with vendors and promoting competition
5. Reviewing insurance policies
6. Reducing energy consumption
7. Promote remote work
8. Digital transformation
9. Implement Industry 4.0
10. Outsource secondary activities
11. Cancel unused subscriptions
12. Improve sustainability
13. Prefer online marketing
14. Reduce business travel
15. Leverage internships
16. Pay the bills before the deadline
Why is it important to reduce operating costs?Learn more about how to reduce operational costs on the Sustainability Success website!