Insights from The Lab

Cost Reduction

Category : Cost Reduction

The New Golden Age of Cost Cutting Strategies

Cost Cutting Strategies

In this article, we’re going to challenge some longstanding assumptions about cost reduction. In the process, we’ll uncover one of the greatest business opportunities of our time.

Here’s one of the biggest assumptions that hobbles cost-reduction initiatives today: It’s the Darwinian notion that businesses naturally operate rationally and productively. The rules are clear and simple, right?

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Four Myths About Bank Productivity

Bank Productivity

Last year, I stopped in at the retail branch of a large North American bank.

I saw three tellers — and no customers. This misallocation of resources is not unusual. It is a well-intentioned example of one of the four biggest myths and miscalculations prevailing in today’s bank operating practices.

These myths lead to needless downtime, duplicative work and overservice—all of which are equally costly, whether they occur at a bank or on a factory floor…

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