ABSTRACT:
In the era of digitization and technology driven decision making process business environment is rapidly changing. Cost management in manufacturing sector has become a crucial component for manufacturing units striving to enhance profitability of business by minimizing cost and also to sustain in competitive business environment. Cost management is associated with cost control and reduction not only concentrating on minimizing the expenses but its emphasis on aligning the long-term objectives of business. Dynamic nature of business environment, technological innovations and continuous improvement in production process has become inevitable for optimizing cost structure of companies. Artificial Intelligence has emerged as technological innovation which helps to analyse data, predictive modelling and automation these capabilities has transformed functions of manufacturing units. Artificial Intelligence is offering powerful tools for predicting, optimized resource allocation and improved in operational performance of business units. The present research work examines the integration of AI technologies in optimizing various aspects of steel production. Further, the authors have made a humble attempt to highlight the role of AI technologies in analyzing costs, predicting costs and improving profitability of steel units. Objectives of the study: 1. To highlight the role of AI in cost management practices, 2. To explore the AI driven tools for cost control and resource optimization in steel industry., 3. To identify the potential opportunities and challenges involved in AI technology integration. Research Methodology: In the present research work authors have employed qualitative methodology by considering secondary data has been sourced from research articles published in journals of repute, books, Industry reports and authentic e-sources with special reference to steel Industry. Principle findings of the study: The outcomes of the research work had revealed that AI technologies offers tools which minimizes costs in steel manufacturing units Integration of AI surpass traditional techniques. AI technologies redefine the traditional cost management practices in steel industries by minimizing cost of operations further, AI technologies serve as tool for promoting sustainable accounting and financial practices in the changing landscape of Steel Industry.