Adaptation to the latest technological advancements has great importance today for increasing the efficiency and productivity. Traditional production systems are now being replaced by new technology-based systems as Industry 4.0 advances. Changing production environments also made it necessary the restructuring of cost accounting systems. Traditional costing methods are insufficient as a consequence of the reasons such as high investment cost, wider product diversity, shorter product life cycle, higher quality expectations and more customer oriented management etc. Besides, elements that consists the cost of the product are changing within this high-tech production processes. In this high-tech production process, the share of labor costs decreases and the share of overhead costs increases while the costs of raw materials remain almost the same. The changes and developments in the sub-components of industry 4.0 such as 3D printers, simulation, cyber physical systems and autonomous robots change the shape of production processes and inevitably changes cost accounting too. In this research, the innovations brought by industry 4.0 and the expected changes in production costs and cost accounting are examined.
Industry 4.0, Accounting, Cost Accounting, Contemporary Costing Methods.
|Author :||Ercüment OKUTMUŞ|
|Number of pages:||1696-1717|