Monetize Your Cost CenterNew
Cost Centers are units within companies responsible only for their costs. Example of cost centers are the production departments and the service departments within a factory and administrative departments such as IT and accounting. Profit centers are units within companies with control and responsibility over its revenues, costs and resulting profits. Being in a cost center can feel like the dog wagging the tail. You are not part of the team bringing in the revenue, you’re consuming “resources”. When the business performs well, likely you won’t get the credit. When the business performs poorly, likely you’ll be turned to for a cut. Asking for equipment to make you more effective requires lots of time and effort to make your case. Yet when colleagues in neighboring profit centers ask for servers to generate more revenue, it’s a small ask. In this hands-on tutorial we will take existing business models of cost centers and explore disruptive business models to help you turn your cost center into a potential profit center. We’ll help you think like a start-up, share your positive impact to the business working with you as a partner, and receive the recognition you deserve as a strategic business partner.