10 Benefits of Six Sigma for Finance Professionals
Finance is a discipline that deals with the fixation of assets and liabilities in an organisation. Finance could be considered as an anatomy to monetary management. A prime area of finance is judging value for money over the time period, which defines purchasing power of a particular company under particular currency.
Companies which are certified with Six Sigma can shine their financial processes to improve their ability to handle complaints and errors / defects and reduce time and energy of the work force towards utilisation in productive areas. Six Sigma assists in calculating the absolute value of any project with respect to its margin of return to derive net profit over the years.
Below are top 10 benefit of applying Six Sigma into your business approach:-
- It reduces time in closure of books of finance.
- Six Sigma approach gives a booster to shareholder value in a company.
- It brings in accuracy in preparing various statements.
- It assists in proper control and measurement of dashboards.
- It improves timely deployment of procedures into action to attain profitability.
- It ensures quality and timely work under required work force.
- It provides aggressive goal towards faster achievement of results in a cost effective manner.
- The data analysis approach of Six Sigma helps properly analyse root cause of the problems towards rectifying and implementing with proper solutions.
- It drives continuous improvement methods in finance and accounting for consistent growth.
- Lastly it Implements a competitive finance cost ,revenue and expenditure resource centre
SIX Sigma certification can help in to determine the financial positioning, investment opportunities in business , and exponential growth in business.
Six Sigma in the finance circuit helps to reduce costs by inducing concepts like LIFO (Last in first out) and FIFO (First in First Out) ,these concepts assist in monetizing budget towards any project in operations is able to boost project completion with adequate resources and supplies under given point of time.
Six Sigma concepts are especially helpful in banking service; an insurance company where it’s all about improving customer relationships, company loyalty among shareholders, it’s important that all processes run as efficiently as possible,above all six sigma certification improves bottom line business.
Six Sigma has a proven record in mutual fund with its systematic data-driven approach that works across most processes, products and industries. Finally, top business heads, executives and managers across the global financial services industry are catching on-and catching up-to what the world’s most successful programme of Six Sigma.