Lean Finance Publication 1 Feb 2011
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This document discusses how finance functions can use Lean and Six Sigma methodologies to improve efficiency and increase value. It provides an overview of Lean Six Sigma, which combines the approaches of Six Sigma and Lean to achieve continuous business process improvement. The document also discusses defining value for finance functions and establishing what internal and external customers value in order to benchmark performance and monitor the impact of business improvement initiatives.
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An article that describes how to develop critical KPIs for the purpose of al...
Lean Finance Publication 1 Feb 2011
- 1. Lean Finance ISSUE 01 - FEBRUARY 2011 this issue Focusing on Value next issue Focusing on Process LEAN SIX SIGMA What is it? Combination of Six Sigma and Lean Focusing on Value methodologies; In today’s volatile business environment the role of Finance Functions is continually evolving. ‘Best of both’ approach to achieving Finance Functions are constantly vying for their position in the changing list of company continuous business process improvement. priorities, and inevitably it seems, having to justify their budget when it comes to corporate cost cutting exercises. There is increasing scrutiny and focus on what value Finance Functions Combines the depth of Six Sigma deliver, and pressure to provide services in the most efficient and cost effective way possible. with the breadth of Lean to ensure that value is maximized. Directors and Managers of Finance Functions are looking to build capability in methodologies such as Lean, Six Sigma, or a combination of both, to give them the strategic edge in addressing these pressures. Undertaking business improvement initiatives using these methodologies will place Finance Functions in positions of strength to continually improve efficiency, and increase internal / external value. CONTACT US Value Definition To discuss any of the content of this issue or Finance Function What constitutes ‘value’ and how can a value be put on the services Finance Functions opportunities please email : provide ? The diagram above sets out a 4 step journey in defining value. The key points to note are that value is different across internal and external customer groupings, so it is sarah.ghosh@leanfinance.co.uk important to identify and understand what these differences are at the outset. Also, by establishing what services customers value and putting measures in place, Finance Functions can benchmark performance, set targets and monitor impact of future business improvement initiatives. Property of Lean Finance Consultancy Ltd