Beyond Traditional Cost Reporting the Business Strategy Connect

Authors

  • M. Gopalakrishnan Former President of ICMAI (2011-12) Mentor-CII-TCM National Committee Practicing Cost Accountant Chennai

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Abstract

As a continuum of the Beyond Traditional Cost Reporting series, started in March 2024, this article starts with addressing the Business Strategy context and how the Internal Cost Reporting should be able to provide support for the Cost Connect to Business Strategy. While the Business Strategy concentrates on the twin rails of Top Line and Bottom-Line growth, once the Top Line growth strategy is achieved, it is assumed that the Bottom-Line growth will automatically follow. It is like going ahead with full steam ahead in unchartered territory, without a compass or in the present-day context a Google Map. The reason for many businesses failures, point out the absence of cost connect to the Business Strategy. All these and the vital need for transformation of the Cost Management System will be explored in this article.

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Published

2024-04-18

How to Cite

Gopalakrishnan, M. (2024). Beyond Traditional Cost Reporting the Business Strategy Connect. The Management Accountant Journal, 59(4), 60–64. Retrieved from https://icmai-rnj.in/index.php/maj/article/view/173445

Issue

Section

Metamorphosis of Cost Reporting

References

Profitability Analytics Center of Excellence: Various Publications available at https://www.profitability-analytics.org.

Image Courtesy: OpenAi/ ChatGPT 4 DALL-E version

Image Courtesy: Microsoft Co-Pilot Ref: https://www.kaizen-coach.com/images/dizionario/en/X-Matrix.png)

CFO Leadership Summit held on 23rd March 2024, organised by Members In Industry Committee of ICMAI and Bengaluru Chapter of Cost Accountants.

Total Cost Management Framework -Version 0. By CII-TCM Division of Confederation of Indian Industry and Indian Institute of Management – Bengaluru.

https://ciitcm.in/

Gary Cokins- Analytics Based Performance Management LLC – Performance Management – Finding the Missing Pieces

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