Even thought they've been cutting costs for three years and signs say the economy is picking up, 85 percent of CFOs still say that cost-cutting is their highest priority, according to a new Booz Allen Hamilton report. Only three percent say they have utilised every cost-cutting option.
Almost 60 percent are looking to overhead services as a chopping block victim, with 71 percent of those reducing non-esssential costs, 55 percent standardizing service offerings, 48 percent reducing headcount, 45 percent streamlining the delivery process, 37 percent reprioritising and deferring requests, and 33 percent consolidating the facilities used to provide overhead services.
CFOs are looking to IT as well - 90 percent of CFOs say that "managing a patchwork of different systems" is the main challenge when providing overhead services.