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Strip Back the Excess

Monday 1 November 2010

In these difficult times, people have to be more and more careful about how money is spent.

Many of us will have made impulse buying decisions in the past; be it a CD, computer game, wide screen TV, camera or at the other end of the extreme, a car, a holiday home or a yacht.

At the time it’s a great idea. What would I ever be able to do without one? In fact, is one enough? Should I buy two? A few weeks later, it’s still in the box or still in the drive or moored at sea several hundred miles away.

The events of the last two years have certainly made a difference to the way people go about buying things. Sure, there is still impulse buying but this is becoming a more and more restricted practice…one for the rich or the reckless, less for the normal man or woman on the street.

I recently came back from a business trip to Dubai. I have been visiting Dubai and Bahrain regularly for the past three to four years and it is obvious how the current economic downturn has affected Dubai…

Most (if not all) of the building has stopped. Loads of cars have been impounded by the police that were dumped at the airport by people trying to stay one step ahead of the authorities for fear of bouncing cheques and getting thrown in a cell.

There are still lots of people, still lots of opportunities but people are starting to reset expectations and looking more closely at what they might want to invest their hard earned cash in.

As a consumer and a supplier of goods, I am personally looking at value for money when I buy, and providing value for money when I sell a product or service to a consumer.

Most people are looking at cutbacks in one form or another. Spending less and making sure what they spend is either essential or will help make additional money or further savings in the near future.

We’re stripping back the excess built up over a sustained period of economic growth to reveal a leaner, more agile and more sustainable way forward where we are more accountable for our own wealth and less reliant on the whims of some madcap bankers and property speculators.

Companies are looking at ways of saving money and looking at new revenue streams that fit in with today’s economic climate. There is likely to be a waste in any organisation but how do you identify it and how do you reduce it?

Understand your data so that you can better understand your business. Understand what people are buying, what people are not buying, what things are costing…

Understand how well your staff are performing. Understand who and what your most expensive resources are and see what revenue or value those resources are generating.

In these difficult times, people have to be more and more careful about how money is spent.

Making spend decisions has become more critical. Everybody has the data (or should have) that appropriately analysed, provides you with the insight to make the important decisions. However, this all assumes that you have the right tools in place to be able to analyse your data in a timely, efficient manner. Sadly, many organisations do not have right tools in place for this basic task and it is a question of ‘Data data everywhere but no information’.

So why not get into CXAIR and at the click of a mouse understand where your waste is, where your performance is low and where your capacity is at its greatest.

See for yourself how you can improve the performance of your business by maximising your operational efficiency, reducing risk and improving customer retention and overall customer satisfaction without wasting your hard earned cash.

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