[D KANNATHASAN,]

Process loss calculation

[Md. Osman Sheikh]

Good, thanks.

[Hamza]

By focusing on critical areas like raw material management and equipment maintenance, it ensures that costs remain under control throughout the year.

[Md Abdul Bari]

Identifying and implementing cost-saving measures involves a systematic approach to analyzing operations, identifying inefficiencies, and making informed changes. Here’s a step-by-step guide:

1. Analyze Current Costs

Review Expenses: Examine all financial records, including fixed and variable costs, to identify where money is being spent.

Categorize Costs: Separate essential costs from non-essential ones to prioritize areas for savings.

Benchmark: Compare your costs to industry standards to identify areas of excess spending.

2. Identify Inefficiencies

Conduct Audits: Regularly audit processes, supply chains, and resource usage to spot inefficiencies.

Engage Employees: Solicit feedback from employees, as they often know where inefficiencies lie.

Analyze Data: Use tools like cost-benefit analysis or value stream mapping to highlight areas for improvement.