Effective monitoring and measurement of cost efficiency involve:
Key Performance Indicators (KPIs): Setting and tracking relevant KPIs such as cost per acquisition, return on investment, and profit margins. Regular Audits: Conducting periodic audits to identify areas of inefficiency and opportunities for cost savings. Benchmarking: Comparing performance metrics with industry standards to gauge efficiency levels. Feedback Mechanisms: Implementing feedback loops from employees and customers to identify potential inefficiencies.