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PGDGBF – INTERNAL ASSESSMENT ASSIGNMENT

DIGITAL COSTING

INTRODUCTION: When companies talk about expenses, in


today's digital era, cost management has taken on a new process. It provides a
strategic lever to generate savings that can be invested in driving growth
1.IMPACT THE IMPLEMENTATION AND MEASUREMENTS:
The robotic process automation is a significant step to digitizing needed processes.
It is a software service to enable automation and assists in handling recurring tasks.
It can be utilized with IT applications by training the bots to execute the required
functions. Process automation refers to the use of digital technology to perform
a process or processes in order to accomplish a workflow or function. A wide variety
of business processes and activities can be automated, or more often, they can be
partially automated with human intervention at strategic points within workflows.
Robotic Process Automation is a software technology that allows businesses to
automate low-level tasks now and will assist humans with higher-level tasks in the
future, as the technology improves. The primary focus of RPA is to have software
bots complete routine, monotonous jobs, freeing up human employees to complete
tasks that require emotional intelligence, reasoning, judgment, and a higher level of
care and interaction with customers.
Drone photography is the capture of still images and video by a remotely-operated
or autonomous unmanned aerial vehicle (UAV), also known as an unmanned aircraft
system (UAS) or, more commonly, as a drone. It is the network of smart devices
with implicit software and connectivity to the internet allowing then to constantly
exchange and monitor data. The Internet of Things is a system of interrelated
computing devices, mechanical and digital machines,objects, animals or people that
are provided with unique identifiers (UIDs) and the ability to transfer data over a
network without requiring human-to-human or human-to-computer interaction. The
definition of the Internet of Things has evolved due to the convergence of multiple
technologies, real time analytics, machine learning commodity, sensor and
embedded systems.
Block chain is a decentralized distribution digital public ledger. It is used to record
transactions across many computers. The record cannot be altered retroactivity
without allocation of all subsequent blocks and consensus of network. When a new
block is added to a block chain it is linked to a previous block using cryptography
hash. This hash is generated from the contents of the previous block. This assures
that the chain is never broken. It is difficult to alter past transaction because all
subsequent blocks must be altered first.
e-commerce is commonly known as electronic marketing. It consists of buying and
selling goods and services over an electronic system such as the internet. E-
commerce is the purchasing, selling and exchanging goods and serviced over
computer network or internet through which transaction or terms of sale are
performed electronically. The consumer browses the catalog od products featured
on the site and selects items to purchase. The selected items are placed in the
electronics equivalent of a shopping card.
Digital costing is where the process of automation data related to costing. However,
the features of digital costing possess the automation, integration of machinery, big
data and technical based costing. Digital costing is where bring up the framework
and information of technologies that can be a data storage, virtual currencies, bar
coding, face recognition system, drones, robotics, global pocket radio system and so
on. Digital costing implies the advanced of technology. Implementation of
technologies will be the challenge of digital costing. Information and
communication technology runs through the internet of things where it holds the
whole process. In more process digital technology converts to technical drivers and
this driver converts to cost and price. Digital costing is the advanced process and
have huge scope in today’s world.
2. Management accounting at large, their focus typically is on slashing their current
expenses. But in today’s digital world, management accounting has taken on a new
process. It provides a strategic lever to generate savings that can be invested in
driving growth. The biggest difference is that they are using new technologies. They
are not just taking the existing technologies and processes and trying to do them
better. They are thinking outside of the box. They use new tools, new techniques,
completely new cost structures that not only reduce costs, but also free up money for
growth. Digital costing brings out the more and most sufficient techniques to
develop and make human work easier. This allows the context of advanced
framework and profitability. Performance depends and the quality will be checked
on measurement sectors it deals with tangible product but it is difficult to check in
service sector because service provided by a person will not fulfill the need of others
and quality related to service sector is human. This digital costing will implement a
better and relevant costing techniques in future.