Dear Hidyath,
Usually the Standard Cost is updated based on a Calculation process done CK40N or CK11N and releasing it via CK24.
If your company calculate the actual cost, you can schedule period jobs to run, mark and release CK40N process.
If your company updates the standard cost with the last period actual cost, you can use the material ledger "Mark Material Prices" and activate Dynamic Price Changes at OMX5.
Best regards,
Gabriel Coleti