Strategies for Finance Leaders to Master Internal Cost Control

As economic uncertainty persists, finance leaders face the critical challenge of managing internal costs while navigating external pressures, such as inflation. While much attention has been given to rising external expenses, it’s crucial not to overlook the creeping costs within organizations. Rapid technology advancements and operational changes lead to fragmented systems and inefficient manual workflows, resulting in hidden expenses that erode profitability.

Our research indicates that finance leaders are becoming increasingly aware of these internal inefficiencies, yet awareness alone isn’t enough. To combat rising costs effectively, they need access to clean, integrated data that enables informed decision-making. We interviewed industry leaders and outlined the top five actions that finance leaders can take to control internal cost challenges.

1. Uncover hidden costs in your operations
2. Streamline and standardize core workflows
3. Centralize spend and operational data
4. Invest in data quality and governance
5. Drive cross-functional alignment on cost control