For many CFOs, this is the sternest test yet of their cost management capabilities—squared. Finance professionals are being forced to look for cost reductions on a scale few could have imagined—all amidst a disruption of the economy that's playing out faster, and on a broader front, than in previous downturns they’ve experienced. Further, it is charged with uncertainty, evolving on a day-to-day basis with no clear consensus yet on how long or how deep the economic downturn will be.
It is not unmanageable, though. In this paper, KPMG offers CFOs a three phase framework to tackle the cost takeout challenge boldly and responsibly.