Cost Optimization

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© Copyright 1994 by Chaim Yudkowsky, CPA, CITP, CGMA

Checklist for some cost reduction opportunities

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Cost Optimization

  1. 1. COMMON COST JUSTIFICATIONS For Automated Systems THE INFOLIST SERIES Cost Reduction  Fewer errors  Fewer people handling data  Eliminate waste related to inaccurate, obsolete, or overstocked inventory  Reduce inventory shrinkage  Eliminate time wasted looking for information and/or inventory  Improve the collections process  Maximize cash discounts and reduce overlooked credits  Reduce accounting and industry-specific consulting expenses  Reduce staffing  Minimize lost billings  Improve cash flow (improve return on equity or reduce borrowing costs)  Improve quality and timeliness of financial reporting Better Customer Service  Improve on-time delivery  Improve customer information and communication  Improve quality of information about customer order status  Reduce the time to research a problem  Improve customer history retention  Reduce out-of-stock situations  Reduce customer returns  Increase client creditability Attract New Customers  Offer new services or products  Improve ability to market to mass niches  Improve adeptness to quickly respond to unusual requests  Improve the way prospects are tracked Improve Employee Productivity and Employee Relations  Improve effectiveness of employee communication  Reduce receiving and shipping labor  Reduce secretarial pool  Reduce accounting department size  Grow without increasing employee number  Improve professionalism This information is being provided simply to give you a list of some common cost justification considerations for implementing new technology. No final conclusions about the best justification for your system should be reached without further review and consultation with a technology advisor. If you have any questions or comments regarding any of the material herein, please contact Chaim Yudkowsky. © Copyright 1996 by Chaim Yudkowsky, CPA410-736-9875  cyudkowsky@byteofsuccess.com

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