Ken Kremsky considers understanding the processes before cost reduction


A decade back, if someone gave you a choice to choose an item, say shoes; I believe, we could barely name a couple of brands. Now, you can name ten more alternatives to that couple of choices. In addition, these alternatives met your needs, budget and rest of the factors. It has inferred one big statement for the current market: “While entering the market could be easy, sustainability is difficult.”

The only way to sustain your existing customers is to offer better services than the market; and at the same time, keeping the price as lower as possible. “Cost reduction” is a way you can look after. The first question that rises at this point is how.

Cost reduction is the process that helps reducing the cost involved at the input side. As a result, the company can gain with a big margin, even without raising the retail price. Either the production unit replaces the raw material with something cheaper and more productive; or there could be changes with the packaging materials. The Manager of the Finance department would know it better on how to deal with the cost involvement.

As per Ken Kremsky, it is all about understanding the processes first. We have to agree at this point. The manager needs to calculate every cent involved at each stage; and any better replacement for the processes, that could save the cost and raise the productivity at the same time.

Ken Kremsky says, it barely takes a week worth of time to understand the bigger processes, the cost involved and finding a way to cut the rates. However, that needs years of experience to actually understand the better alternatives. 

About Ken Kremsky

Ken Kremsky has been working as Cost Accounting Manager since 1999. He had started his career as Quality Controller. He has a closer view of the processes and the costs involved at every step. He completed his MBA in Finance on 2005. He has worked on both Finance and process control for twenty plus years. He has been saving Millions of Dollars every year for his clients. His recent achievement as Finance Manager is, saving 75 Million Dollars annually for his client.

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