A survey by leading UK-based consultancy Auditel has found that 70 per cent of organisations do not have a cost management strategy in place.
The consultancy surveyed 120 business leaders worldwide and less than two per cent of them claim to track costs, or have an on-going programme to do that.
“Most organisations do not have the sophisticated analytical tools to benchmark costs accurately and monitor them after implementing cost savings,” says Chris Allison, Auditel’s managing director.