Cost-Cutting in Response to the COVID-19 Crisis

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.

Mission-critical priority

The CFO was concerned that some C-suite leaders wouldn’t approve cost-cutting plans because she’d 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 optimization practices that empowered the CFO to assert herself as “chief economics officer.” The advisor also provided an objective, expert review of the draft 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.

Business impact

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 program, divesting warehouse ownership and focusing on core strategic capabilities are all tactics that will help drive these extra savings.

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