ADVANCED COST MANAGEMENT
Live-Online Training: N 210,000.00
Classroom Training: N 280,000.00
3 - 4 participants: 5% discount
5 or more participants: 10% discount
(Available also for Customised Training by Duration, Venue & Fee)
Programme Description
This advanced course on cost management is designed for professionals who are looking to deepen their understanding and refine their strategies in managing costs effectively in today’s challenging economic environment.
In a volatile market like Nigeria's, advanced cost management techniques are critical for sustaining competitive advantage and maximizing profitability.
This course will focus on advanced tools and methodologies for optimizing costs, controlling expenses, and strategically managing resources across all functions of an organization.
Expected Outcomes
By the end of this advanced training, participants will:
· Master advanced cost management frameworks and tools to drive strategic decision-making.
· Gain expertise in leveraging data analytics for proactive cost control and optimization.
· Enhance their ability to identify, analyze, and mitigate costs across all functions of the organization.
· Learn to develop and implement continuous improvement strategies for sustained cost efficiency.
· Be equipped to align cost management practices with organizational goals for maximum impact.
Course Contents
DAY ONE
Strategic Cost Management Frameworks:
Advanced Cost Control Techniques
· Differentiating between strategic cost management and operational cost control.
· Integrating cost management into overall business strategy.
· Developing cost control frameworks that align with business objectives.
Advanced Supply and Demand Forecasting
· Utilizing predictive analytics to anticipate supply and demand fluctuations.
· Advanced strategies for cost optimization based on real-time data.
· Leveraging market intelligence for better cost decisions.
Cost-Effective Procurement and Supplier Management
· Implementing strategic sourcing and supplier relationship management (SRM).
· Advanced negotiation tactics for cost-effective contracts.
· Utilizing e-procurement systems to reduce costs and enhance transparency.
DAY TWO
Optimization of Organizational Costs:
Advanced Inventory Management Techniques
· Using AI and machine learning for demand planning and inventory optimization.
· Advanced Just-in-Time (JIT) and lean inventory practices to reduce holding costs.
· Strategic inventory allocation and dynamic safety stock calculations.
Optimizing Fixed and Variable Costs
· Identifying and managing hidden fixed costs.
· Advanced methodologies for reducing variable costs without compromising quality.
· Cost allocation techniques to accurately assign overhead costs.
Employee Productivity and Process Efficiency
· Implementing robotic process automation (RPA) and other digital tools to enhance productivity.
· Advanced workforce optimization techniques, including predictive scheduling and dynamic resource allocation.
· Leveraging data analytics to monitor and improve employee performance metrics.
DAY THREE
Data-Driven Cost Management and Continuous Improvement:
Leveraging Data Analytics for Cost Control
· Using big data and analytics to identify cost-saving opportunities.
· Implementing dashboard reporting for real-time cost monitoring.
· Predictive modeling to forecast and mitigate future costs.
Continuous Improvement in Cost Management
· Applying Lean methodologies to streamline processes and reduce waste.
· Utilizing Kaizen principles for ongoing cost reduction and process improvement.
· Developing a culture of continuous cost improvement within the organization.
Advanced Financial Reporting and Compliance
· Designing sophisticated financial reports to provide actionable insights.
· Integrating cost management with regulatory compliance to minimize risks.
· Enhancing decision-making through advanced financial data analysis.