Deloitte: Companies turning to cost management in the face of digital disruption
A new release from Deloitte has revealed that companies are increasingly valuing the importance of cost management strategies as a way of facilitating digital disruption and vice versa.
“With the emergence of disruptive innovations such as robotic process automation, analytics, and cognitive technology, cost management is morphing into a strategic enabler with the power to disrupt entire industries and fundamentally change how business is done,” said Deloitte.
This has been revealed in a survey of over 1,000 senior executives at global companies, finding that 86% of respondents are likely to pursue cost reduction initiatives over the next two years, whilst just short of half of companies are looking to satisfy cost reduction targets of less than 10%.
However, whilst there is an intent in the way of cost reduction from companies, Deloitte also reveals that there is currently a low success rate in these initiatives – something that it expected to change in the face of increasing digital disruption.
“To avoid falling behind, companies in every part of the world should understand the potential impact so they can capitalize on the opportunities, particularly with regard to automation, analytics, and cognitive technology,” Deloitte said.
“Unlike traditional tactical and structural cost approaches—which may be nearing or past their peak—cost solutions based on exponential technologies are just emerging and have the potential to deliver increasing savings over time.
“As digital technologies enable increased innovation in business and operating models, disrupting entire industries, companies may be able to see sustainable cost savings of 30 percent or more.”
For more information, see the full infographic from Deloitte.
Searching for the Top 100 Leaders in Technology
The search is on for the Top 100 Leaders in Technology 2021 – nominated by readers of Technology magazine and open to all.
The initiative has been launched and nominations are now open, with the final, prestigious Top 100 due to be announced during Technology and AI LIVE running 14-16 September, beamed from London to the world.
This latest, definitive list of the leading executives and influencers in the industry will be announced at the event and shared across social media channels, this website, and presented in a special supplement that honours all of those named in our annual list.
The Top 100 Leaders follows on from the well-received Top 100 Women in Technology that BizClik Media Group (BMG) – publishers of Technology magazine, AI magazine and a growing portfolio of industry-leading titles – produced in March this year to coincide with International Women’s Day.
“The Top 100 Women recognised the incredible and influential women driving our industry,” says Scott Birch, editorial director, BMG. “The success of that initiative encouraged us to recognise the Top 100 Leaders – individuals championing everything that we love about technology and embracing best practice that’s good for business.”
Nominations are already coming in, with some notable highlights including:
Rhonda Vetere - Herbalife
Bryan Smith - Expedient
Nominate your Top 100 Leader HERE
The deadline for nominations closes on Sunday 1 August 2021, and it is free to nominate. The Top 100 Leaders will be announced across our platforms and at the LIVE event.