Finance Leader of Tomorrow Series: 3 Advanced Cost Management and Profitability Analysis

Summary

Cutting costs and boosting profits enduringly requires a greater level of cost and revenue transparency than most of accountants have today, along with the adoption of challenging new practices and techniques including; lean thinking, value chain mapping and horizontal realignment of measurement and cost reporting. During this course, w many of our traditional approaches which, arguably, have failed to serve us well in effective cost management are challenged.

Venue details:  
Chartered Accountants House, , Dublin
Start date & time:  
21 October 2020 09:30
End date & time:  
21 October 2020 17:00
Price:  
By registering for this course you have accepted the terms and conditions
Training ticket cost:  
9.00
CPD hours:  
7.00
Speaker details
First nameLast name
John McKenzie

Description

Product type:  
CPD course
Category:  
Strategic finance and management reporting

Who should attend

This course is suitable for finance directors, CFO's, senior accountants, controllers, finance supervisors, team leaders and those aspiring to more senior finance roles. It is unlikely to be relevant for newly qualified accountants unless they are being fast tracked in their development.

Course overview

  • Today's cost terminology inhibits reductions - changing the language of cost
  • Lean Thinking - Cost reduction is a strategy and an ethic, not a programme or exercise
  • Good cost versus Bad cost - focus on cost reduction and value enhancement
  • Traditional budgets - a help or hindrance to cost management?
  • Root cause analysis to identify causal factors of cost waste rather than simply symptoms
  • Case study - looking at one of the most effectively cost managed organisations
  • Systematic and process approaches to managing cost - cost management by design
  • Inappropriate measures drive cost waste and adverse behaviours
  • Taking better customer decisions based on strategic value and profitability
  • Outsourcing and offshoring - the answer to everything or your worst nightmare?

Key learning outcomes

By the end of this course, participants will be able to:

  • Understand the principles and application of lean thinking and lean techniques
  • Identify waste, its causes and its remedies
  • Recognise the risks to effective cost management caused by traditional budgeting
  • Translate the traditional, functional view of cost and revenue into a value stream
  • Understand the dangers to cost of inappropriate goals and measures
  • Gain more transparency and better understand customer, product and service profitability

Speaker bio

John spent 30 years in finance and acquisition, manufacturing, sales, marketing and business development roles in the automotive and IT sectors. He is now pursuing freelance lecturing, consulting and writing. In 2008, John published his first book, ABC/M to the Max. He has spoken at over 400 public conferences and seminars worldwide and has worked with SMEs and blue-chip clients. John specialises in planning, budgeting and forecasting, strategic planning and management, business partnering.