Amid rising costs for labor, services and materials, many businesses are looking for ways to reduce expenses this year. However, the challenge for corporate leaders is to trim costs without negatively impacting employees or business operations. Contact online >>
Amid rising costs for labor, services and materials, many businesses are looking for ways to reduce expenses this year. However, the challenge for corporate leaders is to trim costs without negatively impacting employees or business operations.
Here, 18 Forbes Business Council members share how they''ll be reducing business costs in 2024. With strategies like examining their current expenditures and increasing their use of AI, these industry leaders are finding ways to spend less while maintaining high standards of success.
AI adoption is top of our list as we scale our company rapidly but efficiently. To start, our finance team plans to unburden team members from mundane tasks like invoicing and contract analysis and free up resources for strategic projects. Cashflow optimization is also a big priority. Rather than relying on manual forecasting, integrating AI will enable us to make faster, smarter cash flow decisions. - Eldar Tuvey, Vertice
In 2024, we''re leveraging AI to boost team efficiency and enhance our customer experience. This includes using AI for streamlined coding, automated claim processing and content development. This strategic integration across all departments will reduce costs while enabling our talent to focus on novel ways to enable an exceptional customer experience and provide more care for pets. - Alexandre Douzet, Pumpkin Insurance Services Inc.
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Through 2024, we will continue increasing our AI capabilities, as a large portion of the support and cold reach sales are already done through the power of AI. Throughout the previous year, costs have been reduced by 10 times in the places where AI has been implemented. Just like everything else, AI can be misused; however, if it is used correctly, it can help us all improve quickly and effectively. - Ornis Mala, The Social Plus
There are significant cost savings that can be delivered from leveraging technology spending. Consider the multitude of offerings that can automate previously labor-intensive processes using AI tools. For example, the hiring process, including applications, onboarding, acquiring necessary documentation and more, can be streamlined so that your HR team''s time can be spent with people, not processes. - Lee Shapiro, 7wireVentures
In our cost-cutting strategy for 2024, we''re vigilant about avoiding additional expenses for services that yield low ROI. By scrutinizing and selectively investing in high-impact services, we aim to optimize resource allocation to ensure that every expenditure contributes significantly to the overall value and success of the business. - Amber Nigam, basys.ai
AI is the easy answer to say, but more important is using AI to help trim the overall tech stack. Where can we create and augment existing systems to get more for less? AI is not ready to replace all systems, but we can leverage it to make many "dumb" systems more efficient. - Carl Holden, Zellus Marketing
By adopting hybrid models, you will decrease office space, utility costs and commuting expenses for employees. Flexibility and work-life balance through virtual tools and outsourcing can give you an extreme boost. Hiring freelancers, establishing a paperless environment and technology development are always the main ingredients of the proper trim. - Giovambattista Scuticchio Foderaro, VR CORPORATENEXT
I will transition to annual subscriptions for software and services that my business regularly uses. This move aims to reduce costs significantly, potentially by up to 50%. These savings can add up substantially, mainly when multiple software tools are used across the organization. Shifting to annual billing reduces administrative overhead. - Bittu Kumar, Enterslice
By the end of 2024, we aim to cut business costs by leveraging AI in service operations. We plan to optimize our delivery team, reducing expenses. Through AI chatbots and automated platforms, we''ll provide seamless 24/7 customer support, efficient query resolution, increased productivity and improved resource allocation for complex tasks. This shift will lower costs and enhance the customer experience. - Jeff Pedowitz, The Pedowitz Group
In order to maximize your monthly costs and burn in 2024, you must look closely at all of your subscriptions and services that your business uses. By reexamining these, you can sit down with your team and identify if the expenses are still as much of a need as they once were. If they are not necessary, you can remove them. You can start cutting down on those monthly costs one by one. - Christian Brown, Glewee
I would trim duplicative paid apps and systems but stop there. This may not be a widespread belief and does not apply to all companies, but I''m focused on growth over costs. I''m done tripping over quarters to pick up pennies. Instead, I will invest more to keep engagement up and revenue growing through having happier, more engaged employees. I will not be making cuts in areas that affect the team. - Seth Gellis, Community Preservation Partners
I''ve read that organizations will be looking at learning and development as areas to make budget cuts. This is not an area any organization should consider cutting, as it is an area always in need of resources. Learning and development positively impacts all employees, retention and career mobility. - Geoffrey Roche, Core Education PBC
In 2024, we aim to optimize our digital marketing spend by analyzing ROI on various channels. This targeted cost-cutting approach allows us to allocate resources more efficiently and maximize our marketing impact, ensuring a healthier bottom line. - Trey Ferro, Spot Pet Insurance
In 2024, we''re implementing a comprehensive technology audit to optimize costs. This involves identifying underutilized software, consolidating overlapping tools and negotiating with vendors for more favorable terms. By enhancing our technology stack''s efficiency, we aim to achieve significant cost savings while ensuring that our digital infrastructure aligns seamlessly with our business needs. - Padmakumar Nair, Ennoventure Inc.
We will emphasize operational efficiency through technological integration in 2024 to save on costs. Our automation and AI goals are to optimize resource allocation, reduce manual errors and streamline operations. This industry is vital for waste reduction, innovation and agility. This approach increases client and stakeholder value and sustainable growth. - Kameel Gaines, Rig On Wheels Broker & Recruitment Services
Our company will be reducing meetings, in terms of number and length. Feedback tells us that too much time is often spent in unproductive meetings. Inefficient meetings, which are either poorly chaired and/or organized don''t just waste the time of attendees for the duration of the meeting. They are also costly in terms of the frustration they cause and their impact on morale. We must value people''s time and make it count. - Marian Evans, Elevate BC Ltd
Take a forensic look at the smaller budget items that add little to no value. Whether it be a coffee service that could be renegotiated for less or small subscriptions that aren''t being used to their full potential, leaders can certainly add dollars to the bottom line by being more conscious of the ROI for every dollar spent. I bet there will be at least one that shocks you. - Austin Speck, Titan Brands
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Doug is the Deloitte Global Operate Leader. In this capacity, he is responsible for driving the growth of the Operate Business by working closely with other Deloitte Business, Industry, and Offering Leaders on go-to-market activities, developing market-leading assets and solutions, expanding Operate capabilities in key markets, enabling consistent, high-quality service delivery, and delivering impact for clients.
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