The Value of Costing in Changing Business Environments
Originally presented at the Institute of Management Accountants ACE2021 Conference.
Recent events have taught finance and costing leaders that unpredictability is the new norm—making effective cost planning a necessity. Cost data impacts organizational decisions from quoting new business, selecting vendors and suppliers, planning production, and servicing customers. The most innovative teams have enabled costing models that generate planned, forecasted, historical, and simulated cost data to drive commercial and operational decisions.
This session highlights use cases of cost analytics models that predict how market shifts are cost changes that impact profits, evaluate performance compared to benchmarks, determine the success of quotes to actual performance, and establish targeted cost management programs.
After this session attendees will be able to:
- Explain the elements of dynamic cost models.
- Discuss the analytical technology and data landscape necessary for robust cost analytics.
- Recognize the ways cost data is used to support commercial and operational strategic decisions.