Published on 22 Mar 2024 on Fortune via Yahoo Finance
CEOs weigh how to cut costs while stoking growth and innovation
Good morning.
One of the toughest tasks for any chief executive is managing the dual challenge of controlling costs while finding new ways to innovate and grow. Earlier this week, I teamed up with Fortune CEO Alan Murray for a roundtable discussion with CEOs to hear how they’re striking a balance. Joining us to co-host the conversation was Paul Goydan, a managing director and senior partner at BCG.
Goydan has spent a lot of his career helping leaders transform their operations to solve tough problems. The need to invest and experiment with AI has created a need for rapid cost reduction, too. “I don't think we understand where technology will be in five years,” he says, “so we want to drive savings and efficiency. We need to do it surgically because we have growth areas. How do we create a supply chain and manufacturing footprint that can be cost effective and survive these geopolitical challenges?"