Uncovering hidden treasures: How cost accounting data spurs innovation

Cost accounting is often perceived as a dry subject. In our article, we show you that your cost accounting can do more than just record costs. By analyzing your cost accounting data, you can identify trends, customer needs and unusual correlations.

We have put together five examples for you.

Product range and pricing

“Happy hour” sounds like cocktails and a party. Too bad, actually. Online stores can also take advantage of the relaxed atmosphere on Friday evenings to organize a “happy hour” for selected products. Such a “flash sale” invites customers to stop by regularly to secure a bargain.

When are your customers in your store anyway? What are they looking at? How can you get them to stay longer? With the help of flash sales, you can exploit the potential of existing sales peaks, iron out sales lulls or reduce excess stock. Your cost calculation will tell you whether your campaign is worthwhile.

Omnichannel strategy and customer experience

“How can the conversion rate be reduced?” may have been the initial question of an experiment conducted by a New York fashion store. The operators had set up an interactive mirror in their store. With its help, customers were able to try on various outfits virtually and receive advice from an AI-supported style expert. Various combinations were then suggested to them (source).

Complaints increase costs. Acquiring new customers is expensive. A better customer experience, higher repurchase rates and stronger customer loyalty also make sense from a cost accounting perspective.

Market analysis and customer understanding

Barbecue sausages and coal, ice cream and sun cream, school bags and stationery: Customers who are interested in one are also open to the other. Product combinations like these are obvious.

But what about beer and diapers? This unexpected combination has caused a sensation and is often quoted on the Internet (source). Rumor has it that chocolate consumption also increases when petrol prices fall. It is conceivable that consumers reward themselves and reduce stress.

Bundling offers helps to reduce costs. For interesting and unusual combinations, you need solid figures to recognize correlations in your company. This is the only way to fulfill new wishes and preferences of your customers. 

Sustainability and corporate social responsibility

In recent years, the topic of sustainability has increasingly come into focus. The cost of fossil fuels is rising. What if you could convert the kinetic energy of your footfall in your store into electricity?

Sounds crazy? The technology is likely to take some time to become widely used. But it already exists today (source 1, source 2).

Is it worthwhile for you too? Perhaps on a limited scale – the entrance area that your customers reliably pass through?

If such a project is to be more than a PR stunt, it must be accompanied by cost accounting. Likewise: The example shows that cost accounting data can be used to expand sustainability and corporate social responsibility.

“Cost Accounting 365” from CKL Software

Would you like to take a closer look at your company’s innovation potential? With Cost Accounting 365, you can keep a close eye on your finances and quickly and clearly obtain information on revenues and costs.

Be inspired by one of our upcoming webinars. To the dates and to register: Cost Accounting 365. We look forward to seeing you!