CIA tasks organizations on cost optimization

By AKOMA CHINWEOKE

In a bid to keep the Nigerian     business environment abreast of the current best practice in professional administration, the Chartered Institute of Administration has advised professionals to update their skills to ensure efficient use of resources  to help their organizations survive the hard times and gain competitive advantage.

Speaking at  its  Continuing Membership Education and Training (COMET) workshop tagged: “Cost Optimizations – Using Administrative Tools In a Period of Economic and Financial Meltdown” the chairman of the institute, Alhaji, Bamaga Turkur, who was represented by Dr. Noble Oguguo said for organizations to pro-actively strive to meet challenges of  present economic crisis, necessary administrative skills and competence are critical in order to optimize cost and remain afloat in the present turbulent market environment.

“The present economic meltdown has also bought about the collapse of the stock market, dwindling crude oil prices in the world market, increase in the rate of unemployment and several other crises in the financial sector. All these have continued to pose great challenges to professionals and adequate knowledge of this topic is critical at this period.”

Presenting a paper on the topic: Determining Cost Drivers in an Organization., a member of the institute Mr. Benjamin C. Edwin, noted that strategies are very dynamic just as the business environment and therefore said management should constantly review its strategies in line with the changes in its environment.