Cost control: How businesses use it to increase profits
Cost control has gained a lot of traction in recent times. Data shows that 82 percent of businesses consider cost management in business as the top priority for sustainable profitability. Cost control has emerged as a vital element to enhance the profitability and competitiveness of a business. It helps companies reduce their costs and pass on this cost advantage to their customers by lowering prices. Organisations approach cost management in business by adopting different strategies. Outsourcing cost control to a reliable third party has proved to be a highly effective strategy to control costs and facilitate sustainable profitability.
