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Financial institutions and finance departments face many challenges today: operational and technology risks, data breaches, regulatory compliance burdens, errors and quality issues due to redundant and manually intensive tasks, increasing competition, customer and employee retention, and rising expectations – all set to a backdrop of political and economic uncertainty.
Finding ways to improve internal business processes, mitigate risks, foster innovation, and minimize waste and repetition while maximizing productivity and efficiency is more vital now than ever.
VRI’s highly trained consultants specialize in helping businesses maximize efficiencies and productivity while reducing waste and repetition through Lean Six Sigma initiatives and continuous improvement strategies. Originally developed to improve manufacturing processes, Lean Six Sigma methodologies have also proven applicable across other industries and internal departments, including finance.
As a process that aims to improve productivity by eliminating waste and variability, Lean Six Sigma’s focus on improving continuous improvement means it is easily customizable to the specific needs of a business, no matter the department or sector. When used in finance and applied to financial transactions, Lean Six Sigma helps reduce errors on accounting documents, mitigating rework and time wasted chasing down erroneous information. For tracking requests, Lean Six Sigma provides a consistent, repeatable, and reproducible process; likewise, the Lean Six Sigma system improves turnaround time for invoice and payment processing.
The perfect solution for finance in general and financial transactions in particular, the Lean Six Sigma process helps companies eliminate waste, improve accuracy, and increase efficiencies via the streamlining of internal business operations. In addition, when Lean Six Sigma’s repeatable and efficient process is applied to customer service, a better relationship with the consumer is forged, resulting in higher customer satisfaction, which translates to increased customer loyalty and retention.
A data-driven process, Lean Six Sigma doesn’t rely on guesswork or speculation, which makes it an essential tool for mitigating cyber risks and data breaches related to financial transactions. With a Lean Six Sigma protocol in place, data is gathered and analyzed to identify any issues. If a cyber threat is identified, processes are promptly implemented to reduce exposure to the security breach. Mitigating cyber threats not only reduces a company’s exposure to fines, judgments, and loss of revenue, but it also helps maintain the public’s trust in the organization.
In today’s uncertain economic environment, banks and other financial institutions face various business challenges, including operational risks, regulatory compliance issues, data protection and security, and increased competition. Introducing a Lean Six Sigma program to financial operations helps finance departments and financial institutions cut costs and maximize profits.
Moreover, because of the enhanced internal business processes, there is less waste and repetition, fewer errors, and more efficient use of time and resources, significantly reducing overall costs and making for a better and more positive work environment. Consequently, a happy workforce means better employee performance and less burnout and turnover.
Interested in learning more about implementing a Lean Six Sigma and continuous improvement program at your organization?
To get started today, contact us HERE now to schedule your free 20-minute consultation (a $500 value).