THE ROLE OF COST MANAGEMENT IN SUPPLY CHAIN OPTIMIZATION
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- NGN 3000
ABSTRACT
THE ROLE OF COST MANAGEMENT IN SUPPLY CHAIN OPTIMIZATION
This study investigates the role of cost management in supply chain optimization by addressing: (1) the impact of cost management on supply chain efficiency; (2) the strategies for reducing supply chain costs; (3) the challenges in implementing cost management practices in the supply chain. A survey research design is used to collect quantitative data from a broad population. Taro Yamane's formula is applied to derive a sample size of 320 respondents from Lagos, encompassing various industries with complex supply chains. A logistics company is chosen as the case study due to its dependence on efficient cost management for operational success. The reliability coefficient of the survey instrument is 0.85. Findings indicate that effective cost management significantly enhances supply chain efficiency by reducing waste and optimizing resource use. Techniques such as inventory management, strategic sourcing, and transportation cost reduction are highlighted. It is recommended that businesses develop a robust cost management framework for their supply chains, invest in technology for better visibility and control, and continuously monitor and adjust their cost management practices to maintain efficiency.
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