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SUBJECT : ACCOUNTING AND FINANCE Critique the costing process for Industry 4.0 plans used in your...

SUBJECT : ACCOUNTING AND FINANCE

Critique the costing process for Industry 4.0 plans used in your company. Special mention would be given on how your company handled their budgets during the Covid-19 pandemic

Business   Accounting   
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Answer #1

Industry 4.0 is digital transformation of manufacturing industries and value creation processes. Industry 4.0 means fourth industrial revolution and represents a new stage in the organization and control of the industrial value chain.

The companies handled budgets by following means during the pandemic:

1. Changing the workforce strategy.

2. Implementation of employment downizing

3. Building internal talent rather than buying it in the external labor market.

4. Targeting cost cutting

5. Setting targets of more earning.

6. Setting online earning solutions

7.Cutting payroll of current employees

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