CEOs often delegate important cost reduction responsibilities to other executives in their organizations. But the Deloitte 2019 Global Cost Survey gathered data that shows they might be losing money by doing so.
The study polled 1,200 executives and senior business leaders directly involved in cost management and found that 81% of those who planned to reduce costs over 24 months missed their marks. The statistics indicate that companies with CEOs and presidents who stay involved in cost management have a significantly higher rate of success in reducing costs.