Cost Management, MIS & Budgeting
Cost management is the process of effectively planning and controlling the budget of a business. Cost management is a form of management accounting that allows a business to predict the imminent expenditures in order to reduce the chances of budget overages in the business .
Cost management is employed by many businesses as an integral part of business management. It is employed both for specific projects, as well as for the over-all business model. When applying it to a Project, expected costs are calculated both at the stage of Planning and Implementation. All expenses are recorded and monitored to make sure they stay in line with the cost management plan. After the Project completion, the predicted costs and actual costs can be compared and analyzed, helping future cost management predictions and budgets.
ARK gives an array of services under the head of COST MANAGEMENT which involves –
• Collecting, analyzing, evaluating and reporting cost statistics for budgeting.
• Implementing an effective Cost Management System in order to control the overall budgeting of the company.
• Identification of future expenditures in a business to reduce budget overages.
By doing this ARK is able assist and guide the client in the following ways-
• Is able to predict the future expenses and costs of the Project
• Is able to maintain the central record of all predicted expenses
• Is able to ensure that costs are approved before purchases are made
• Is able to control the overall Project expenses
These services help its clients' to run the operations smoothly and successfully without any financial glitches.
MIS & BUDGETING-
A Management information system (MIS) provides information that organizations requires to manage its operations efficiently and effectively.MIS are computer systems which are used for managing the five primary elements of a business-
4. Procedures and
MIS are distinct from other Information systems because they are used to analyze and facilitate strategic and operational activities.These systems help the organization to generate information to improve efficiency and effectiveness of decision making and operations.MIS broadly include the following systems-
• Decision Support Systems
• Resource Management System
• Human Resource Management
• Enterprise Resource Planning
• Enterprise Performance Management
• Supply Chain Management
• Customer Relationship Management
• Project Management
• Database Retrieval Systems
• Transaction processing systems
• Marketing Information Systems
• Office Automation Systems
ARK holds an expertise in designing the most effective MIS for its clients which are best suited to their area of operations and benefits the clients' in the following ways-
• Effective analysis of their strengths and weaknesses with the help of Revenue reports, Employees' performance record etc.
• Improvement in their business processes and operations.
• Giving an overall picture of the company and acting as a communication and planning tool.
• The customer data and feedback can be used to align their business processes as per the customers' need.
• The effective management of customer data can further help the company in Direct marketing and Promotional activities
• Helps a company to gain a competitive edge over its competitors.