With insight, advice and tools from Gartner, the CFO took specific action to build C-suite alignment on the cost-cutting initiative that she developed in response to the COVID-19 pandemic. She estimated that the initiative will yield $10M+ in additional cost savings over the two years following implementation.
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Mission-critical priority
The CFO was concerned that some C-suite leaders would not approve cost-cutting plans because she had observed that they didn’t fully appreciate the scale and impact of COVID-19 on the business.
How Gartner helped
The Gartner advisor shared case studies of cost optimisation practices that empowered the CFO to assert herself as “chief economics officer.” The advisor also provided an objective, expert review of the draught cost reduction plan, identifying missing elements and additional opportunities. The final plan was comprehensive, relevant and innovative thanks to fresh and current thinking offered by the advisor.
Mission accomplished
The CFO secured C-suite buy-in for the cost-cutting initiative and estimated that it will yield $10M+ in additional cost savings over the two years following implementation. Incorporating a cost winback programme, divesting warehouse ownership and focusing on core strategic capabilities are all tactics that will help drive these extra savings.
Industry:
Product Manufacturing
Revenue:
$500M-$1B
Employees:
1,000-5,000
Related Gartner Resources
A New Role for CFOs in Capturing Value
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