Reducing costs associated with operations will not only increase the profitability but will also help in increasing liquidity of cash for any business. However, reducing operational costs without sacrificing quality is a challenge that is commonly faced by every business. Achieving this goal majorly revolves around effective and efficient use of technology, operations management, and regular employee engagement for training and feedback. From the early days of industrial revolution there have been many strategies like total quality management, continuous improvement etc. which were used by statisticians and quality professionals to optimize the operational costs while maintaining exceptional quality.
