In this article, the authors substantiate the prerequisites for increasing of the interest of the industrial companies' management in improving the cost management system in the context of digitalization. The key aspect in the development of theoretical and methodological principles of cost management is the construction of an effective information subsystem that enables a company to successfully compete in the market and form its own competitive product space. On the basis of a combination of the hierarchy method and the «product demand space» method, key indicators of increasing cost management efficiency are identified as follows: costs of the new technologies; product quality; innovation (novelty of the product). It is concluded that the formation of a competitive space and the success of products on the market is determined by a combination of three parameters which are costs, quality, and uniqueness. It is necessary to achieve the optimal combination of these parameters for a promising way of managing production costs. A matrix of comparisons of indicators of the product demands spaces and a model of the demand space have been developed. The procedure for the implementation of the developed procedure at an industrial company introducing digitalization of control is described, and the algorithm for positioning the analysis object relative to the demand space is proposed. The options for increasing the competitiveness of products through the management of company costs were tested, and the assumption was made that in order to ensure a constant increase in efficiency, it is necessary to increase the quality and innovativeness of the product while reducing costs. The developed model is universal and recommended by the authors for use for companies in various fields of activity.