Deloitte's 2023 guide on cost optimization for global workforce professionals contrasts traditional cost reduction with holistic cost optimization. It emphasizes that while cost reduction focuses on short-term gains like headcount reduction, cost optimization looks at all cost drivers to support long-term business and talent priorities. The guide details seven cost optimization levers including vendor review, people management, compliance, policy and process optimization, operating model restructuring, digitalization, and data utilization. It highlights the importance of strategic planning, stakeholder alignment, and leveraging technology for sustainable cost management while preserving strategic goals.

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