A company that could benefit from implementing cost management is a hotel chain. By leveraging digital tools, they can deliver better service at lower costs. For instance, allowing guests to automatically check into their hotel room, choose their room, and access their key through an app on their phone. This lowers costs for the hotel (no check-in line, no plastic keys, etc.) while delivering faster, more personalized service for the guest.
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The most important element in cost management, says David Axson, managing director at Accenture Strategy, CFO & Enterprise Value "is to live and breathe a relentless customer focus. All too often cost reductions lead to service reductions, opening the door to disruptors who can deliver great service at the same or lower cost. Digital tools allow organizations to deliver better service at lower costs – it's no longer a trade-off of one for the other. Think about automatically checking into your hotel room, choosing your room and accessing your key through the app on your phone. For the hotel this lowers costs (no check in line, no plastic keys, etc.) while for the guest it delivers faster, more personalized service."
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