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Cost-cutting tools

Tools that help top management in reducing the cost of running operations of the company with minimal or no negative impact on brand image, product quality, and employee motivation. Three top cost-cutting tools used by the top management are.

  • Downsizing – in simple words reducing costs by reducing personal and business structures;
  • Outsourcing – refers to contracting a third-party contractor.
  • Business Process Reengineering (the most popular in Latin America)