Cost Transparency: Optimising the Firm-Wide Cost Base

2019/09/04 - Monocle Research Department

For any business to grow sustainably, it is necessary to continuously innovate and stay ahead of the curve when it comes to technological changes, industry disruptors and ever-increasing competition in the market. These innovations and improvements are referred to as the Transform The Business (TTB) activities of the organisation. However, most businesses struggle to limit their everyday operational expenses, referred to as the Run The Business (RTB) costs. 

Whilst there are numerous reasons for this, such as rapidly increasing utility costs or currency depreciation, the inability to provide transparency in the costs and cost allocation methodologies is one of the single biggest contributing factors. 

Achieving cost transparency is, however, easier said than done. It is complex, depends greatly on the business model of an organisation, requires widespread buy-in and most of all, requires all business units and functions to take accountability to make it a reality. 

In our latest insights paper, we discuss the need for cost transparency within an organisation, highlighting its ability to create value through increased cost efficiency. 

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