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Limited capital is one of the most significant constraints faced by SMEs which can prevent them from reaching their development goals. To overcome this challenge, it is important for SMEs to optimize costs in addition to seeking financial resources. This can help them maximize returns, remain competitive, and achieve long-term success. This P-Talk explores innovative approaches that SMEs can use for rapid, efficient cost reductions to increase productivity and profitability.
Alex Yap Yun Fung, Director, EcoLean Consultancy Sdn. Bhd., Malaysia, shares insights on modified versions of the material flow cost accounting (MFCA) and value stream mapping (VSM) techniques that help SMEs identify and eliminate unnecessary expenses to become more productive and profitable.
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