Strategic Cost Transformation Using Business Domain Management to Improve Cost Data Analysis and Management 1st edition by Reginald Tomas Lee ISBN 1631578790 978-1631578793
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Authors:Reginald Tomas Lee , Series:Strategic Studies [75] , Tags:Optimization; effectivity; costs; efficiency; Accounting; Profit; cost reduction; cash; Business & Economics; productivity; input capacity; output capacity; BCR; business cash requirements; isocash curve; product profitability; Managerial; metrics; capacity management , Author sort:Lee, Reginald Tomas , Ids:9781631578793 , Languages:Languages:eng , Published:Published:Aug 2018 , Publisher:Business Expert Press , Comments:Comments:Whether considered a goal or an objective, one thing is for certain; to survive and thrive, companies need to make money. To be effective at making money, employees need tools, models, and insights that lead to decisions that enable improved cash generation. We typically look to and rely on accounting information as a basis for these analyses and the resulting decisions. In my last book, Lies, Damned Lies, and Cost Accounting, I argued cost accounting is ill-equipped to provide cash information about a company. It wasn’t a knock on cost accounting. Instead, it pointed out we are asking cost accounting to do something and provide information it wasn’t designed for. Upon reading Lies, many asked, “If cost accounting isn’t what we should use for cash information, what should we use?” Enter Business Domain Management, or BDM. BDM is an organizational and financial framework that breaks companies into two business domains, the Operations and Cash or OC Domain and the Accounting Domain. The OC Domain is where business and cash transactions occur; where work happens, and money is spent and received. It is in the OC Domain where we make decisions that affect the rate cash enters and leaves the company, and it is here where we know if we have made money or not, before we’ve calculated a single cost. The Accounting Domain is where we account for what happened in the OC Domain. This is where we traditionally looked for cash data. The BDM framework provides a powerful model for understanding operational and financial performance in its entirety, and it far exceeds anything accounting can provide on its own. Strategic Cost Transformation takes you on a journey from focusing on accounting information to having a corporate-wide model that creates alignment between areas in companies where there is usually misalignment–operations, cash, and accounting.
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Product details:
ISBN 10: 1631578790
ISBN 13: 978-1631578793
Author: Reginald Tomas Lee
Strategic Cost Transformation offers a new framework, business domain management, which creates a comprehensive picture of your organization for improved cash based decision-making.
Your product costs $2.86 to make. What does the number tell you about your operations, how effectively they were run, demand, or how much money you spent on capacity? Nothing. Shouldn’t you know?
Accounting information creates a limited picture of operations and true cash performance. Strategic Cost Transformation offers a new framework, business domain management, which creates a comprehensive picture of your organization for improved cash based decision-making.
Strategic Cost Transformation: Using Business Domain Management to Improve Cost Data, Analysis, and Management 1st Table of contents:
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Introduction to Strategic Cost Transformation
- Overview of cost transformation in business
- The importance of business domain management in cost control
- Key objectives of strategic cost transformation
- Relationship between cost management and business strategy
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Understanding Cost Data and Analysis
- The role of cost data in decision-making
- Types of cost data: fixed, variable, direct, indirect
- Methods for collecting and organizing cost data
- Techniques for cost analysis (e.g., cost-volume-profit analysis, variance analysis)
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Business Domain Management and Cost Strategy
- What is business domain management?
- Aligning cost management with business domains
- How business domain management can improve cost analysis
- The impact of business domains on cost drivers
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Cost Allocation and Cost Drivers
- Identifying and understanding cost drivers
- Methods of cost allocation (e.g., ABC costing)
- How to improve the accuracy of cost allocations
- Linking cost drivers to organizational strategy
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Strategic Cost Management Techniques
- Activity-based costing (ABC) and its strategic applications
- Target costing and its role in cost transformation
- Life-cycle costing and managing costs over time
- Benchmarking costs against industry standards
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Data Integration and Technology in Cost Management
- Using technology to improve cost data collection and analysis
- Integrating cost data across business domains
- The role of ERP systems in cost management
- Leveraging data analytics to enhance cost decision-making
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Cost Forecasting and Budgeting
- Techniques for forecasting costs in a dynamic environment
- The importance of budgeting in strategic cost transformation
- Aligning cost forecasts with business goals
- How to manage budget variances and adjust strategies
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Transforming Organizational Cost Culture
- Building a cost-conscious organizational culture
- Engaging employees in cost-saving initiatives
- Training and development for cost management skills
- The role of leadership in promoting cost transformation
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Risk Management and Cost Control
- Identifying financial and operational risks related to cost
- Tools and techniques for managing cost-related risks
- Developing a risk management strategy for cost control
- Impact of external factors on cost management (e.g., economic conditions, market changes)
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Case Studies in Strategic Cost Transformation
- Real-world examples of organizations that successfully transformed cost management
- Lessons learned from cost transformation initiatives
- Analyzing the strategic decisions behind successful cost transformations
- Challenges and pitfalls to avoid in cost transformation efforts
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Future Trends in Strategic Cost Management
- Emerging trends in cost management and data analysis (e.g., AI, automation)
- The evolving role of business domain management in cost strategy
- Sustainability and green cost management
- Preparing for the future of cost management in business
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Conclusion: Achieving Sustainable Cost Transformation
- Recap of strategic cost transformation principles
- Long-term strategies for maintaining effective cost management
- Building a resilient cost management framework for the future
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