Ludhiana News- CICU conducts training programme on Cost Reduction Strategies

Ludhiana, September 13, 2013: Chamber of Industrial & Commercial Undertakings (CICU), Ludhiana conducted Training Programme on Cost Reduction Strategies at CICU Complex here.

Avtar Singh General Secretary CICU in his inaugural speech emphasised that MSME Industry has a challenging time ahead which can sustain and grow by working hardly and smartly. In the present scenario, implementation of cost reduction strategies is critical to the survival of the organisation. Traditional form costing and cost management have their limitation. Therefore, it is imperative that new techniques and out of the box thinking are vital for the bottom-line management. It is imperative to adopt Cost reduction measures, so as to improve business performance.

Upkar Singh Joint Secretary CICU mentioned that after Globalisation of markets and liberalisation of Indian economy, the Indian Industries have been experiencing stiff competition. To face intense competition and stay in the market, the need for managing the cost strategically has become critical. The importance of managing costs and aligning them with the business strategy of an entity cannot be ignored, especially in the midst of challenging economic times faced by business today. Strategic cost control is never an easy task. Managers worldwide are finding that many of the cost cutting measures of the past have failed to provide long term solutions in the face of today’s problems.

The interactive & thought-provoking programme was conducted by Kanwal K Muthu, M-Tech, IIT Delhi and PGDBM from Germany. He is member and fellow in many leading Management Institutes & has more than 40 years working experience in various types of industries and institutes.

More than 30 participants comprising proprietors, partners, directors, general managers, plant heads and senior level mangers representing various industries attended this programme and significant strategies emanated as to how effectively implement cost reduction techniques, selecting right improvement initiatives, relevance of cost in decision making, cost planning for product life cycle etc for bringing improvement in overall business execution in  organisations.

S.B. Singh, Publicity Secretary CICU in his concluding remarks said this training will enable participants to introduce cost reduction techniques for promoting a new, more creative and effective approach so as to deliver superior values and maximum gains to their organizations.  The training provided to the participants an extensive knowledge on the subject and its implementation will definitely benefit industry.