THE CHALLENGES ASSOCIATED WITH COST MANAGEMENT IN THE DIGITAL ECONOMY
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- NGN 3000
Abstract: THE CHALLENGES ASSOCIATED WITH COST MANAGEMENT IN THE DIGITAL ECONOMY
This study explores the challenges associated with cost management in the digital economy, focusing on tech companies in Lagos. The objectives are to identify the key cost management challenges, evaluate their impact on financial performance, and propose strategies to overcome these challenges. A survey design was employed, gathering data from 250 financial managers and cost accountants in tech companies, derived using Taro Yamane's formula. A detailed case study of a leading tech company in Lagos provided comprehensive insights. The reliability coefficient score was 0.87. Findings indicate that cost management in the digital economy faces challenges such as rapidly changing technology, high implementation costs, and data security issues. These challenges significantly impact financial performance by increasing operational costs and complicating cost allocation. Recommendations include investing in advanced cost management tools, enhancing cybersecurity measures, and providing continuous training for financial managers to navigate the dynamic digital landscape effectively.
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