Cost Management

Cost management is the process of planning, controlling, and optimizing an organization’s expenses to ensure efficient use of resources and alignment with financial goals. It involves budgeting, cost tracking, variance analysis, and implementing measures to reduce unnecessary spend while maintaining performance and quality. Effective cost management supports profitability, enhances decision-making, and enables better forecasting and financial discipline. It is a critical component of enterprise performance management, helping organizations respond to market pressures, invest strategically, and sustain long-term growth. Tools such as benchmarking, analytics, and automation are often used to enhance transparency and drive continuous cost improvement.