While the price of crude oil dropped by more than half in 2014, many oil & gas executives found the need to cut costs. As occurs in almost any industry downturn, capital budgets were slashed; projects and assets abandoned, and massive layoffs ensued.
Many executives view such crises as an opportunity to transform their company by taking out large chunks of non-value added costs and overhead that quietly crept into the company during better times. Executives also wonder how they can sustain this reduction in waste. They don’t want to this to be a one-time purge.
For that reason, many executives are wondering how they can address their “cost culture” or “spend culture” with the belief that if they can get people to be more conscious about what they spend, they can avoid such dramatic cuts during the next downturn. So how do you change the “cost culture”? That’s the million-dollar question (or more often $100 million dollar question). Following, are five steps to take now if you want to sustain the benefits of your most recent cost cutting cycle.
Do companies actually do this? As a matter of fact, they do! Companies like Koch Industries have used the concept of decision rights to create a culture of entrepreneurship and value creation (see Chapter 6 in Charles Koch’s book The Science of Success). If you would like to talk more about how you can apply these principles in your company, don’t hesitate to email me at: cseifert@wilsonperumal.com.
View our schedule of industry leading free to attend virtual conferences. Each a premier gathering of industry thought leaders and experts sharing key solutions to current challenges.
View Schedule of Events-------------------------------------------------------
Search for anything
Insights from the most progressive thought leaders delivered to your inbox.
Insights from the world's foremost thought leaders delivered to your inbox.
Being a hero is all about creating value for others. Please invite up to 5 people in your network to attend this premier virtual conference, and they will receive an invitation to attend.
If it’s easier for you, please enter your email address below, and click the button, and we will send you the invitation email that you can forward to relevant people in your network.
The premier Business Transformation & Operational Excellence Conference. Watch sessions on-demand for free. Use code: BFH1120
Watch On-DemandView our schedule of industry leading free to attend virtual conferences. Each a premier gathering of industry thought leaders and experts sharing key solutions to current challenges.
View Schedule of EventsWatch On-Demand Recording - Access all sessions from progressive thought leaders free of charge from our industry leading virtual conferences.
Watch On-Demand Recordings For FreeDelivered by the industry's most progressive thought leaders from the world's top brands. Start learning today!
View All Courses NowThe premier Business Transformation & Operational Excellence Conference. Watch sessions on-demand for free. Use code: BFH1120
Watch On-DemandView our schedule of industry leading free to attend virtual conferences. Each a premier gathering of industry thought leaders and experts sharing key solutions to current challenges.
View Schedule of EventsInsights from the most progressive thought leaders delivered to your inbox.
Insights from the world's foremost thought leaders delivered to your inbox.
Being a hero is all about creating value for others. Please invite up to 5 people in your network to also access our newsletter. They will receive an invitation and an option to subscribe.
If it’s easier for you, please enter your email address below, and click the button, and we will send you the invitation email that you can forward to relevant people in your network.
Courtesy of Nintex Pty's Paul Hsu, below is a transcript of his speaking session on 'Improve employee productivity during and post-COVID by ...
Read this article about HP, Best Achievement in Operational Excellence to deliver Digital Transformation, selected by the independent judging panel, ...
Read this article about BMO Financial Group, one of our finalists, in the category Best Achievement in Operational Excellence to deliver Digital ...
Read this article about Cisco, one of our finalists, in the category Best Achievement of Operational Excellence in Internet, Education, Media & ...