Insights from The Lab

Cost Reduction Strategies

Category : Cost Reduction Strategies


Lean principles in insurance: Insurance process improvement with a Lean Six Sigma Transformation Project

Lean principles in insurance and banking

If you’re running a life insurance business, there are only so many operating costs you can cut, right? Or there are only so many productivity gains you can wring from the resources you have left, right? Wrong. The very notion that you have to choose between reducing insurance operating costs and increasing productivity is what …

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Cost Reduction Strategies and Examples of Cost Cutting with Lean Methods

Cost Reduction Strategies by reducing the drains on value

In this article, we’re going to focus on more hiding-in-plain-sight cost-reduction ideas. Specifically, we’ll explore three drains on business value that you can start plugging today.

Perceiving the potential of knowledge work standardization is difficult. That’s because it’s not on the balance sheet. Accounting rules mandate that the activities of knowledge workers appear as expenses on the income statement. But these competencies are the most valuable, albeit intangible, assets in the business!

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