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| Strategic Cost Driver and Effective Cost Management |
In challenging environment most of the organization working hard to reduce their cost and increase business efficiency to allow their organization to stay competitive and ensuring their business continuity in their respective industry. Diversification and new venture may not best available options due to financial constraints/limitations or to storm the uncertainties in the current world-economic due to political unrest, conflict of policies, change of trade rules, forex etc. In addressing the situation most of the organization will carry-out cost cutting measures and cost management initiatives that may not aligned to the overall Corporate Strategy.
Why this happened?
- Poor coordination and lack of leadership drive;
- Silo mentality and paper exercise initiatives;
- Lack of accountability and responsibility by direct reports;
- Poor performance monitoring and strategy realignment;
- Poor understanding in Cost Management Vs Strategic Cost Driver;
- Removing Good Cost vs Bad Cost;
- Lack of financial/business data and forecasting Analysis;
- Poor Reporting framework and dashboard reporting for timely decision making.
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The question in our mind ... How to overcome this?
How to ensure your business remain resilience? Which cost I need to cut or reduce? My next posting, I will share a slides on how corporation can drive their strategy and remain resilience in any competitive market by aligning their strategic focus and drive their cost management for efficiency.
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The Author: Shamsol Ali
About:
Specialized in Governance, Ethics, Compliance, ERM, BCM, Finance, Reporting, Process Improvement and Corporate Mgt
With more than 20 years of extensive working experiences and exposures in most reputable organization in various industry range that includes Advisory and Consultancy Services, Motor Trading, Banking & Property Financing, Integrated Engineering Infrastructure and Aviation’s (Airlines, Airports and Aviation Services), I am highly skilled and specialize in Specialized in Governance, Ethics, Compliance, Regulatory Enterprise Risk Management, Business Continuity Management,Financial Reporting, Management Reporting, Corporate Strategy, Performance Monitoring and Project Management, Business Process Improvement, Corporate Finance, Business feasibility and due diligence will catapult and supplement the need of new business requirement of your organization.
I have built expertise and skills through my exposures in various corporate restructuring exercises and being instrumental in assisting ailing organization which includes in setting up a new units within the organization locally or internationally. Throughout my career, I have demonstrated the highest level of services and commitment to the mission and vision any organization I have worked for. Currently, I am a Director Enterprise Risk Management (Governance, Risk, Compliance and Regulatory) for Oman Aviation Group SOAC, a holding investment company based and located at Muscat, Oman that administer and provide strategic direction for the overall activities of its operating subsidiaries namely Oman Air SOAC, Oman Airport Management SOAC and Transom SOAC (Aviation services – Ground Handling, Catering, Cargo and Muscat Duty Free), Muscat Airport City and National Tour Operators Company for the Sultanate of Oman.
I am a holder of ACCA (Part 2) and Bachelor Degree in Accounting (UK), I have been certified as Certified Company Secretarial-ship, Chief Integrity Officer, Certified Business Continuity Manager and approved HRDF Trainer. SPEAKERS AND CONFERENCES PRESENTER 2020 – ERM 2.0 - Continuous Improvement of Enterprise Risk Management: Zenith Bizness Excellence– Kuala Lumpur. 2016 – Global Conference - Enterprise Risk Management and Power of Disruptions: Institute of Enterprise Practitioner iERP – Kuala Lumpur
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