365telugu.com,online news,national,May 27, 2020 :enterprises”
Sector: Multisector
A National training program
28 th May 2020 | Web training | Hyderabad
Figure: From Top to bottom: Naveen Madishetty, Region Head, Indian chamber of
commerce; Nitin Kumar V, Southern head, Blue consulting private limited during the
national event conducted on “e-Master class on Cost reduction strategy for Business
enterprises”.
Naveen Madishetty, said
“The web based program was focused on the strategies such as cost management,
cost clause and cost structure which needs to be implemented for cost reduction. The
speaker shared with the audiences the tools and mechanisms to implement the
strategy. He shared the multiple case studies which gave an insight to the participants.
He shared his professional experience.
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The objective of the program is to help businesses during the current disruptions to
manage their businesses very efficient through cost management strategies.
Money saved is money earned”.
The veteran CA professional, who in the past held the position of CFO in several industries
said,
“Example of solar industry is discussed, where transportation cost is very high, in different
segments it varies. The transportation should be a variable at load per wattage can be aligned
in the revenue segment.
It is important to establish business process relevant to cost management and always reinvent
the old processes with respect to time.
Important guidelines such as establishing project cost code, spent time with yourself and
remove filters from the mind, explore the unknown, review the O2C cycle regularly, activity
based costing, learning and employing negotiating skills, non compliance will be lead to high
costs, not reliable to channelled financial schemes, think of non core areas and alternatives,
adopt technology and leverage”.