Nanotechnology Practices and Cost Restructure for Effective Cost Management under Industry 4.0 Based Manufacturing Systems

Abstract

This study offers a theoretical foundation for how nanotechnology impacts most commodities and materials in many ways, given high-tech production processes that increase goods' functional, chemical, and physical qualities. This influenced the cost structure of production and strategic cost management's efforts to adjust for the change. The study employed descriptive-analytic methods to investigate nanotechnology's impact on cost management. The study was based on a comprehensive review of previous studies on nanotechnology and Industry 4.0. The results imply strategic cost management as a vital management and accounting strategy for reallocating indirect costs based on specifications to produce items that meet consumer needs. With rising fixed costs, this study links nanotechnology and cost structure. Strategic cost management techniques minimize costs while preserving product quality, enabling organizations to stay competitive.