Showing posts with the label strategic cost management

Effective Strategic Cost Analysis within the Food Industry

The goal of any organization is to turn investment into revenue. Growing businesses requires the efficient use of investment dollars to offer products or services that are competitively priced on the international market. Strategic cost analysis is an important part of ensuring that such resources are not being wasted on organizational activities that are not in alignment with strategic goals. In addition, effective analysis of cost and waste will help ensure overall efficiency within organizational systems. New research helps highlight how such analysis work to support the strategic benefits within the food industry. The efficiency of an organization is its ability to take inputs and successfully convert them into outputs with the least amount of waste possible. Cost management is one means of trying to improve the competitive advantages for firms that have sufficient assets (Lapasinskaite & Boguslauskas, 2005). Through this cost management, organizations can reduce waste