I think "Tom L" missed an important point about halfway through the article. (Perhaps it should have been emphasized more...)
Engineers (and I are one) really need to be thinking more about making NEW money for the company than SLASHING old money. Making a big splash in your company about "savings" you created often has interesting negative effects...
Although you can get some initial credit for savings, it effectively raises the bar (or lowers it, depending on your perspective) and makes achieving results harder next time. All too often, it creates oppressive work conditions and introduces unrealistic constraints to future designs, as well.
...and of course, you only get credit for those savings the FIRST time. Any subsequent projects (even if they continue to benefit from your cost cutting) will be measured against the new benchmark anyway.
On top of that, "savings" are generally small potatoes when compared to "new markets".
No... Innovation is the key. The creativity in finding new applications and new markets for your products is one thing that will get you out of the "commodity" column in your CFO's eyes. Every engineer who values his employment should be thinking about these things.
Is this harder than pinching pennies? You bet.
Is it worth it? You tell me. :-)