A major retailer was undertaking a large overhead reduction program of around 250 initiatives across multiple divisions and functions and needed a system to track them and report on savings achieved.
Wave was implemented to track and report on the progress of every stage of the overhead reduction initiatives across the business. In particular, Wave helped by:
- Providing the backbone for tracking and reporting on the entire overheads program
- Measuring impact in both cost savings and FTE reduction and comparing progress against the plan by month, division, and function
- Supporting performance dialogues at both the program level ($, milestone) and the initiative level (Gantt gate chart, milestone tracking)
To date, Wave has facilitated communication across the organization and all the ~ 250 initiatives have been entered into the system with expected gate dates, impacts, and milestones. In the very near future, $200mn in cost reductions is expected to be realized.