Assessing the Impact of Digital Transformation on Cost Management in Colombia

Abstract

This study assesses the impact of digital transformation on cost management practices in Colombian firms. It utilizes a quantitative research design, analyzing data from 200 companies across various sectors. Results indicate that digital tools, such as cloud accounting and data analytics, significantly enhance cost control and operational efficiency. The research identifies key factors that facilitate successful digital transformation, including organizational culture, employee training, and technological infrastructure. Despite the positive outcomes, challenges such as cybersecurity risks and initial investment costs are also discussed. The findings provide valuable insights for managers seeking to leverage digital technologies in cost management, highlighting the need for a strategic approach to digital adoption. This research contributes to the growing body of literature on digital transformation in management accounting.