Businesses boost global savings efforts

Companies across the globe are accelerating cost-cutting measures to help recover from the downturn, a study by Ernst & Young has found.

The consultancy questioned senior executives at more than 500 companies worldwide on how they are preparing to emerge from the financial crisis.

Almost three-quarters said they have sped up cost-cutting programmes across their business, while a further 18 per cent said they were looking to accelerate efficiency projects.

Savings efforts include renegotiating contracts with suppliers and fostering stronger relationships to improve vendor performance. Other measures include drawing up flexible contracts to mitigate the risk of volatile prices and boosting staff productivity.

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