Using basic Lean Six Sigma techniques, companies can refine their processes to improve their ability to demonstrate compliance and reduce time and resource costs along the way.
Practitioners can assess the accuracy of forecasts using control charting and analysis of variance (ANOVA). Screening a corporation’s forecasts with these two tools will reveal the evolution of forecast bias and consistency over time.
Six Sigma can be used to solve process problems of every magnitude — including overwhleming concerns such as those that might come from federal legislation like Sarbanes-Oxley. Here’s how one Master Black Belt helped address her company’s worries.
Calculating the true value of any project (Lean Six Sigma or otherwise) with respect to its impact on margin has always been challenging. Return on investment (ROI) is a key calculation in answering these questions.
The accounts payable department of a healthcare system completed a Six Sigma project to address the high volume of invoices being processed and to develop a system for monitoring how well new processing-time standards are being met.
In 2010, the finance department of a Fortune 500 company established a quality audit system for the companys operations. By the end of 2011, however, metrics were not improving.
Earlier this month, a member of the iSixSigma Discussion Forum asked about the best methods to measure financial performance among business units within the same company, but in different regions. The answers that came back ranged from simple bottom-line comparison…
When organizations embark on a continuous improvement program, one of the first steps is to determine how they should measure the success of their projects and program. iSixSigma asked experienced Master Black Belts for their thoughts on the topic.
Lean Six Sigma practitioners can help their organizations increase their Sarbanes-Oxley process compliance by using various tools within the Design for Six Sigma IDOVI [Identify, Define, Optimize, Validate, Incorporate] roadmap.
By Jeffry J. Smith How can practitioners create a rigorous accounting method for measuring the financial benefits from their Six Sigma projects? The key here is being able to translate measured operational benefits into dollars, either in the form of…
Sarbanes-Oxley, financial reporting, process, continuous improvement
Six Sigma is a systematic data-driven approach that works across most processes, products and industries. While some organizations think Six Sigma cannot work for them, others like a company’s funds management department proves that it can.