Chain Reaction Podcast Developing Cost Effective Teams

Developing teams that understand how they can play their part in achieving cost effective solutions to supply chain problems is key to creating value. In this episode Tony Hines discusses what it means to be cost effective and explains why it is necessary for all organizations. 

Being cost effective is a culture that can be developed in any organization achieving more with less. It is a key principle for lean thinking. Everyone in the organization needs to understand cost and their part in the process of using resources wisely. Controlling cost is part of the culture but this is not necessarily just reducing cost. It is about using resources effectively. 

Teams have to act and be responsible for cost within their control. To do so they need to know what these costs are and to do that they need data transformed into information. Dashboards often form the basis for action. 

Agility is important for responding to the unexpected and to manage risk. Lean principles such as lowering waste is one of the pillars of being and acting responsibly when it comes to cost effectiveness.

The team leader plays a pivotal role in developing and embedding cost effectiveness in their part of the organization. The team leader sets direction in line with organization policies and cost effectiveness is a practice. Shared understanding comes from discussing and working with team members to achieve goals. The leader is a motivator and a coach. Find out more when you listen to this episode.