Thursday, April 26, 2018
7:30 AM EST / 12:30 PM GMT
Join costing expert Peter Spence as he shared the CGMA cost transformation model. Cost transformation and management is one of the 14 practice areas of the Global Management Accounting Principles.
Poor cost management costs UK businesses an average of 5.2% of revenue every year, according to a survey by the Chartered Institute of Management Accountants. Delayed or cancelled projects, inefficient systems and over-payment for goods or services were found to be the most common causes of waste.
The CGMA cost transformation model is designed to help businesses to achieve and maintain cost competitiveness. It serves as a practical and logical planning and control framework for transforming and managing a business’ cost-competitiveness.
The model consists of a set of six co-dependent areas that, once viewed together as a set, will help organisations achieve and maintain long term cost-competitiveness.