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Benefits of Six Sigma in Finance & Accounting

With the effects of unstable or inconsistent monetary policies being felt far beyond a single organization, the international financial environment is much more interconnected now more than ever.

In globalized economy nowadays, policy and operational related issues in one country’s financial organizations can have quite severe economic consequences across the whole planet.

The ability to critically analyze & improve processes across a corporation is an increasingly valuable career skill, as these ripple effects become more and more noticeable. While management techniques such as LSS have some roots in manufacturing, there are multiple applications for LSS in finance & accounting which will assist to correct operational inefficiencies & also minimize risk across a corporation.

Benefits of Six Sigma in Finance and Accounting

Applying the principles of Lean Six Sigma in finance & accounting can create a much more competitive advantages for organizations in nearly each & every industry.

The Key to Successfully Using LSS in Finance

While LSS offers a really powerful framework for improvement, effectively leveraging tools such as process mapping often needs a culture shift within the organizations that adopt them. One of the key or primary traits of successfully leveraging LSS in finance & accounting is actually the ability to step back and simply look at existing processes objectively to recognize that, even if a process has existed for the past several years, it should not be the most efficient way of doing things.

Another key element to success is recognizing how internal department processes may impact other stakeholders throughout and even outside of a company. For instance, inefficiencies in processing invoices could make it much more difficult for other departments to work with external vendors.

It’s really helpful to have a licensed Lean Six Sigma Black Belt professional to lead the project, especially for processes with far-reaching ripple effects, like those in finance & accounting. This will further make sure that key stakeholders are aligned toward a common goal and that teams can effectively manage the complexity of large-scale or company-wide process change.

For more information about this Lean Six Sigma Green Belt Certification contact Tromenz Learning or visit our website.

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