strategic cost management

Strategic cost management is a way businesses analyze and control their costs to improve long-term profitability and competitiveness. Instead of just cutting expenses or focusing on short-term savings, it involves understanding how various costs are linked to the company's value creation and making decisions that align costs with strategic goals. This approach helps organizations efficiently allocate resources, reduce waste, and invest in areas that support growth, innovation, and customer value. Essentially, it's a strategic approach to managing costs that supports sustainable success in a competitive marketplace.