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Hackett: The Economist, "Managing in the Downturn: Desperately Seeking a Cash Cure"

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Mon Feb 09 2009

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(ATLANTA & LONDON, BUSINESS WIRE) From Citigroup to British building product maker Wolseley and beyond, the recent global economic turmoil has driven firms to cut hundreds of thousands of jobs. Companies globally have been hammered by the fallout from the subprime-mortgage debacle and its repercussions in financial markets. Many are desperately seeking a cure. And the most attractive medicine on offer looks like cash. But preserving cash in such formidable times presents managers with an unprecedented test of their skills.

The Hackett Group President Wayne Mincey is one of the experts cited in this trend story. He discusses Hackett's new research showing that a typical multinational with revenues of about $23 billion can save up to $400 million a year by taking a hard look at how it runs areas such as finance, human resources and technology. Hackett's research also estimates that the same $23 billion company could save as much as $1 billion a year by improving the lines of communication between executives responsible for sales, procurement and production (Read the original story from The Economist.)

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