Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care.
As per request from the board, Functional Cost Reporting has been delivered to the global Philips organisation. All 800 reporting entities supply Function based specifications of the Cost of Organization booked. This enables global Functional Cost Reporting at each level within the Philips organisation to a fully granular level. Functional Cost deployment has proven to be complex in terms of governance and change management of local cost accounting processes.