Page 4 - Cost

Foreword

It gives me a distinct honour to present before you the e-Magazine of the Institute on “Cost
Competitiveness”. I believe that a glance through the pages of this bulletin will defnitely enrich
the knowledge base of the readers.

Te role and importance of Cost and Management Accountants has increased manifold on
account of growing competition in the corporate sector. Te CMAs with expertise understanding
and knowledge of the enterprise cost management systems can play a key role in leading light to
the economic recovery process in the Indian Economy by efciency, productivity, sustainability
and competitiveness of industry. Te Cost Accountants facilitate the management in regulating
production operations and go ahead of processes of production. As Cost and Management
Accounting deals with the cost and beneft analysis of a product or service, it demands analytical
and attentive mindset with an objective outlook.

Cost Competitiveness is that level of operation which allows an organization to go on
winning sales at a price that generates a sufcient level of return both for stakeholders and
for the investment needs of the business. An efective Cost Competitiveness drives focus on
eliminating wastage, shortcoming, addressing both the input and output. It lays the foundation
for ongoing improvement by putting policies and control in place that prevents a reversion to
old, unproductive practices. So in brief we can say competitiveness is the ability of a country’s
enterprises to sustain superior market positions and proftability relative to their domestic and
international competitors.

Te idea of innovation is the idea of progress. Tis edition covers a few interviews, case studies
and innovative ideas on Cost Competitiveness and Sustainability. I hope the readers would love
to go through it.

CMA (Dr.) A S Durga Prasad
President
Te Institute of Cost Accountants of India