Abstract
Technological innovation has revolutionized cost management practices, giving rise to enhanced opportunities for profitability of entrepreneurial ventures. This paper reviews the role of technological innovation in cost management practices and its subsequent influence on the profitability of entrepreneurial ventures in Nasarawa State, Nigeria. The review synthesizes existing literature on technological innovation and cost management, highlighting key dimensions such as technological advancements and organizational changes that contribute to improved financial outcomes. The methodology employed includes a comprehensive analysis of various studies that explore the nexus between technological innovation and profitability within the context of Nigerian Small and Medium Enterprises (SMEs). Findings suggest that technological advancements, strategic resource allocation, efficient cost tracking, waste reduction and improved operational efficiency are pivotal to improving business outcomes. It concludes that, despite the significance of Innovation in cost management practices, many SMEs in Nasarawa State lack formalized structures or financial literacy to implement robust cost-control systems and therefore recommends for a genuine focus on understanding the application of technology, develop formalized cost-control framework, conduct relevant training workshops to enhance financial literacy for effective cost management techniques to build sustainable and enhanced profitable ventures.
Presenters
Ibrahim Dauda A.Student, Ph.D. Accounting, Isa Mustapha Agwai I Polytechnic Lafia, Nassarawa, Nigeria
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
KEYWORDS
Keywords: Technological Innovation, Cost Management, Profitability, Entrepreneurial Ventures
