Memo to global competitors: it is time to replace cost accounting with process based information

Today’s global competition demands that companies identify their sources of competitive advantage and monitor and control the customer-focused processes within their organizations. In general this means that to be successful over the long term, a firm must sell products that satisfy customers by meeting global standards for quality, flexibility, service, dependability and price; and those products must cost less than customers are willing to pay for the value received. Why have most companies not been able to keep up with world-class standards of competitiveness and profitability in recent years?