Cost cutting is a short term measure which often ends up costing businesses more, whereas cost management is a much better solution, offering long term gains and price stability.
It is not enough just to manage the major expenditures like energy and telecoms. There are great savings to be made from those smaller incidental overheads like office supplies or design and print. These are often delegated to less senior staff. These decision makers are less likely to monitor costs, have the time, knowledge or skills to negotiate better prices. In total these can add up to a significant spend for many businesses.