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The Stepchild of Finance
June 21, 2017
Cost Management is often seen as the stepchild of finance, even though it is a critical practice to every company. Despite cost management’s importance, CFOs face a big challenge when it comes to getting their management teams to support any cost management philosophies. Culture, budget, KPIs and analytics are four key attributes to an effective cost management process. Once cost management is supported by an established budget, KPIs, and analytics, it can become a part of a company’s culture — beginning with leadership and moving throughout the organization. The results can be significant and will form the foundation for a more profitable and successful business.