👉 Expense engineering is a strategic process used by organizations to identify, analyze, and optimize their business expenses to reduce costs without compromising operational efficiency or service quality. It involves a detailed examination of existing spending patterns, identifying areas of inefficiency, and implementing innovative solutions to streamline processes or renegotiate contracts with suppliers. This can include leveraging technology for better resource allocation, adopting more cost-effective materials or services, and fostering a culture of cost-consciousness among employees. The goal is to achieve sustainable cost savings while maintaining or enhancing the organization's competitive edge and profitability.
