Low-precision quantization is recognized for its efficacy in neural network optimization. Our analysis reveals that non-quantized elementwise operations which are prevalent in layers such as parameterized activation functions, batch normalization, and quantization scaling dominate the inference cost of low-precision models. These non-quantized elementwise operations are commonly overlooked in SOTA efficiency metrics such as Arithmetic Computation Effort (ACE) [46]. In this paper, we propose ACEv2- an extended version of ACE which offers a better alignment with the inference cost of quantized models and their energy consumption on ML hardware. Moreover, we introduce PikeLPN11Pike is a slim fast fish, LPN stands for Low-Precision Network., a model that addresses these efficiency issues by applying quantization to both elementwise operations and multiply-accumulate operations. In particular, we present a novel quantization technique for batch normalization layers named QuantNorm which allows for quantizing the batch normalization parameters without compromising the model performance. Additionally, we propose applying Double Quantization where the quantization scaling parameters are quantized. Furthermore, we recognize and resolve the issue of distribution mismatch in Separable Convolution layers by introducing Distribution-Heterogeneous Quantization which enables quantizing them to low-precision. PikeLPN achieves Pareto-optimality in efficiency-accuracy trade-off with up to 3× efficiency improvement compared to SOTA low-precision models.