The importance of cost optimization intimes of crisis

However, according to World Bank studies, this increase in interest rates will not present the expected results if they do not go hand in hand with a decrease in labor mar ket pressures (seek lower unemployment rates), a situation that to date has not has been presented at the expected levels.

Added to the above, the behavior of the world economy in the first half of the current year does not augur the best results, and that is that according to studies by the UN Department of Economic and Social Affairs, global growth of only 2.3 is forecast. % in the year, under a context of persistent inflation, high interest rates and uncertainties in consumers. Especially, in developing economies that have found themselves with restrictions to take credits, increases in the costs of external
financing and decreases in world demand.

Currently, the economic situation in Colombia has directly impacted the profitability of some economic sectors and also companies, since today we face excessively high interest rates, a national unemployment rate that, according to information provided by DANE, as of June 2023 it stands at 9.3% and not least, a volatility of the dollar.

Therefore, the slowdown in global growth is presented as a challenge for all industries, in which they must seek alternatives that contribute to the impact being less than expected, that ensure the sustainability of companies and that provide them with greater finan cial flexibility. to face unforeseen situations, in such a way that attracts investors and consumers for solid financial management.

Based on the above, an alternative to face those difficult times and combat the economic crisis from a business perspective is cost optimization, since it is a strategy that seeks corporate efficiency, since this consists of identifying those expenses that are unnecessary or that can potentially be replaced in some way to achieve continuous improvement in economic terms without directly affecting the operation of the company.

Cost optimization comprises different stages, which help us to comprehensively identify all types of costs and/or expenses incurred in a production chain, achieving a balance between business objectives an d the organization's demand.

There are internal and external factors that can affect the operation of companies, therefore, it is important to differentiate those factors in order to combat them efficiently, generating value for the company by applying the best strategy in the optimization process. of costs, either in the short term, that is, impacting the operation of the company or in the medium and long term, generating global strategies.

For this reason, we can conclude that, although companies can go through an endless number of situations that directly affect their profitability, whether due to external or internal factors, they also have alternatives that can be applied to any type of company, which will help to face them and achieve the e fficiency and balance that entrepreneurs need to stay in the market.