How can companies implement effective cost management strategies without compromising the quality of their products or services?

There are many strategies to manage costs without affecting the quality of products or services provided by the firm. Improving processes which affect the leadtime and response time directly reduce the waste time, investing in employee development the competencies enhancing the work quality ( such as product or service ) immediately affects the cost of rework, and making better decisions can all contribute to cost reduction. its not just to cut costs , but to think beyond and address other issues that indirectly affect costs during the operation cycle.