The Institute of Cost Accountants of India, Nagpur Chapter conducted a webinar to mark its 62nd Foundation Day of recently. The theme of the event was “Professional approach to Cost Management.” The event commenced with greetings on Foundation Day and welcome address by CMA Anil B Verma, Chairman of Nagpur Chapter of Cost Accountants. He shared the journey of CMA profession right from 1944. At the outset, CMA P V Bhattad, Past President of the Institute, inaugurated the event. The guest of honour CMA N R Jankiraman, Past Chairman of Nagpur Chapter spoke about the profession. “The profession has transformed from Cost Accountancy to Cost and Management Accountancy and the importance of Cost and Management Accountancy in the present context the need of professional approach to Cost Management,” he said. CMA Chandrashekar Adawadkar, the first key note speaker, deliberated about Cost Management for improving product and customer life cycle returns.

 

He highlighted the importance of using Cost Management Maturity Index to help organisations assess its ability to improve cost competitiveness. “Cost Management is a very complex process but highly useful for the management to keep its organisation on the path of sustainable profitable growth. CMA should play very active role in improving organisational performance which in turn helps Indian economy. The mindset of the company need to change for cost management. Best leaders like Tata, Ambani emphasizes on the importance of Cost Management and therefore it becomes necessary to change CMA’s image from compliance professionals to value creator,” he said. CMA Anil Anikhindi, the second keynote speaker deliberated that Capital Cost or Revenue Cost is significant to think upon by the industry, even at the close of industry closing cost is very important. He further deliberated on management of Finance Cost that needs to be controlled through restructuring of funds, and need to look at cost of funds, Cost of Working Capital Funds especially for MSME sector. Similarly, MIS Management also saves cost. Regular skill development needs to be taken at various levels in an organisation. Cost Energy Audit is required to be taken to save power cost, he observed.

 

The programme was summed up by CMA Shriram Mahankaliwar, RCM - WIRC, by saying that the time has come for organisations to recognise the contribution that CMA’s can make in all areas discussed above and by becoming enabler to make management take right decision based on data analytics and information which is timely, reliable and relevant. The event was attended by senior cost accountants, past chairman’s of Nagpur Chapter including CMA Dr Sreehari Chava, CMA G R Paliwal CMA K M Rao, CMA Suresh Saluja, CMA D Rajarao, CMA Shridhar Phatak, CMA Arun Kumar. CMA Y P Sah, CMA Anan Sahastrabudhe, CMA Kiran Badve, CMA Rachana Dixit, CMA Pankaj Bhusari, CMA Nutan Thakkar, CMA Manikkulkarni Paunikar, CMA Ashok Kumar Behera, CMA Nitin Alshi and others. The virtual programme was moderated by CMA Renu Kulkarni and the session concluded with vote of thanks by CMA V V S Murty, Secretary Nagpur Chapter of Cost Accountants.