The worst cost reduction initiative you've seen/been part of?

For context - I'm an engineer turned sales turned corporate finance guy. As I am grinding through another annual budget and planning season, I realize I am out of ideas to tighten our budgets more.

I'd like to think it's not because I have so much empathy for the teams I used to work for, that I find all of their asks reasonable. I have cut what I considered wasteful and unnecessary. So I think it's just a lack of imagination and force on my part to cut more.

I'd like to source some ideas from you smart bunch here, there must be something I haven't thought of yet. Either high-level ideas (e.g., training programs) or specific examples ("team building" happy hours) are really appreciated...

And as the title suggests, more importantly, I'd like to learn about your experience with cost-cutting gone wrong, so I can avoid paying more in the end.

Thanks very much in advance.