Cost management is an important business process which allows you to plan and control your direct and indirect corporate costs, subordinating these to the processes, products and strategy of your company. Cost management will also help you to understand your company’s actual cost structure. This is a fundamentally important business management function, and not all businesspeople devote adequate attention to it.
Our experience tells us that one of the most effective cost management methods is so-called Activity Based Costing. This method helps you to assess the costs which relate to each specific client, product, service and activity. That will provide you with detailed information, and that, in turn, will help you to take decisions vis-a-vis the most profitable direction in which you can develop your business.
By implementing a cost management system, you gain:
- Precise calculations of the manufacturing cost of a product;
- Data about the profitability of clients and products;
- Improved profitability;
- Effectiveness in processes;
- Minimization of unnecessary activities.
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