The strategic need for this investment, the need to manage through the pandemic, and the ongoing need to drive balanced top- and bottom-line growth, including margin expansion, underscores the importance of productivity.
We’re driving cost savings and efficiency improvement in all facets of our business — cost and cash productivity up and down the income statement and across the balance sheet.
During the COVID-19 crisis, we’ve learned that some work, previously thought of as in-person only, can progress remotely — with significant productivity benefits. As a result, we’re rethinking the necessity of some travel. We understand the value in face-to-face interaction and don’t expect all work to continue virtually indefinitely, but we can achieve an improved, more optimal balance.
There’s also savings in media spending, building on the $1 billion of savings we delivered over the previous five years. As a number of industries have pulled back on advertising, we have been able to work closely with our media partners to increase the reach and effectiveness of our communications to consumers.
Productivity is now as integral to our culture as innovation and helps to fuel our investments in superiority.
Productivity has become part of who we are, and an area of ongoing commitment only accelerated by the current disruption in how we work.