Tools which helps top management in reducing the cost of running operations of company with minimal or no negative impact on brand image, product quality and employee motivation. Three top cost-cutting tools used by the top management are.
- Downsizing – in simple words reducing costs by reducing personal and business structures;
- Outsourcing – refers to contracting third-party contractor.
- Business Process Reengineering (the most popular in Latin America)
Global executives name the problem of employee engagement as one of the top priority issues that companies want to address. Engaged employees result not only in lower costs, but in the delivery of more loyal customers.
This is the interest of any new global executive or would be global executive to know what tools I need to use to perform my job effectively. Below is the list of tools which global executives use mostly.
- Change Management Programs
- Core Competencies
- Customer Segmentation
- Decision Rights Tools
- Mergers and Acquisitions
- Open Innovation
- Price Optimization Models
- Satisfaction and Loyalty Management
- Scenario and Contingency Planning
- Social Media Programs
- Strategic Alliances
- Supply Chain Management
- Complexity Reduction
- Zero-based Budgeting
- Cost-cutting tools
- Total Quality Management
- Mission and vision
- Employee Engagement Surveys
The budget is not inherited from the previous year, but has to be developed from scratch.