Balancing efficiency and innovation in uncertain times By Dayo Odunfa Introduction In today's complex and unpredictable economic environment, CFOs and senior finance leaders face unprecedented challenges.
The article from Vanguard Nigeria, published on March 2025, discusses the importance of strategic cost management in the context of a rapidly changing global economic landscape. It highlights how businesses are facing unprecedented challenges due to economic volatility, technological advancements, and shifting market dynamics. The piece emphasizes the need for companies to adopt innovative cost management strategies that go beyond traditional cost-cutting measures. Key points include the integration of technology like AI and automation to enhance efficiency, the importance of sustainable practices to reduce long-term costs, and the necessity of agile financial planning to adapt to sudden market changes. The article also touches on the role of strategic sourcing, where companies seek to optimize their supply chains for cost-effectiveness while maintaining quality. Overall, it advocates for a holistic approach to cost management that aligns with long-term business goals and sustainability, ensuring competitiveness in a global market.
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