Posted by: meikah | 21 October 2011 | 2:38 am
If there’s a process that is cluttered with data or variables, it is payroll preparation. Data such as days worked, minutes late, salary adjustments, retro pay, overtime premiums, among other things. One mistake in a figure or a zero or even a decimal point would result in erroneous numbers.
- accuracy of data
- lack of standard operating procedures
All of which can compound delays. Read the case study here.
Now, if you are involved in funding payroll, the case study may also help you sort out delays in remittance such as identifying factors of delays:
- clearing time of banks
- time difference
Payroll is an integral part of an organization. It’s like paying your customers on time. So, you do your best, find ways to provide payment for good services rendered. Definitely, it’s not something you do in the nick of time.
Posted by: meikah | 10 June 2010 | 8:58 pm
The success of any Six Sigma deployment depends on management support. Often, the challenge prior to project deployment is convincing management of the benefits of the project.
There are ways however to do it, and in this podcast, you will learn how to effectively convey the financial benefits of your Lean Six Sigma program to your CFO to get his full support.
Tapping into the mind of a CFO, Genna Weiss of Six Sigma IQ speaks with Dave McSherry, CFO/COO of ACPO Ltd. McSherry provides strategies andÂ tools that you can use to get your CFO fully onboard with your Lean Six Sigma program.
Filed under: Finance, Lean Six Sigma, Six Sigma
Posted by: meikah | 17 May 2010 | 7:58 pm
Itâ€™s time again for some link-loving and see what other blogs are saying about Six Sigma, Lean, Lean Six Sigma and other quality improvement processes.
Maris Fadness talks about the technological aids for Lean Six Sigma Process Improvements. An example given is the company, Safeco, which now has an online, service-and-sales portal to improve processes because of Six Sigma.
Kevin Clay of Blog | Six Sigma Development Solutions, Inc. writes about Lean Six Sigma Story at Subway, a personal story that shows how Lean Thinking and Six Sigma Thinking play an important role in everyday life.
Six Sigma Training features a post on understanding Six Sigma Employment Assessment. Most Six Sigma evaluation plans for employees are essentially two parts, the first of the investigation as â€œpreliminaryâ€ and the second is the â€œComprehensive Survey.
Business Management Principles blog talks about the importance of understanding the role of communication in the process of Six Sigma certification. Communication is the key when it comes to successful Six Sigma projects going. to make the level of success and the ability of Six Sigma, what needs depend largely on the commitment and support of all concerned.
Filed under: Benefits and Savings, Certification, Communication, Finance, Human Resource, Six Sigma, Six Sigma News
Posted by: meikah | 8 February 2010 | 9:17 pm
An article on iSixSigma shows what really goes on with Lean banking. That it is not always a single piece-flow process is true.
Posted by: meikah | 11 January 2010 | 10:34 pm
During this economic downturn, CIOs and CTOs have been kept busy. Only a few found value in going Lean or Six Sigma to help them cope with shrinking budgets.
Some of the excuses that hindered them from going into Lean Six Sigma are:
- “We do not have the budget or the time to support Lean Six Sigma.â€¦We can’t afford itâ€¦.We’re already working 60 hours a week.”
- “If the going gets tough our experience dictates, more resources and heroics will get it done on time. Lean Six Sigma will get in the way.”
- “Software and IT can’t be measuredâ€¦ measurement is the basis of Lean Six Sigmaâ€¦So it doesn’t apply here.”
- “There is no magicâ€¦we know the solutionâ€¦it is just a simple matter of implementing it with good project management.”
Filed under: Finance, Lean Six Sigma, Six Sigma
Posted by: meikah | 27 December 2009 | 8:16 pm
Over at www.mga-inc.com is a discussion about the benefits of Six Sigma in the insurance industry.
Here are some of them:
- Using Six Sigma tools such as Voice of Customer (VOC), insurance companies can determine the customer needs and requirements. This helps them to revise the service offering (i.e. the insurance proposals that they make to customers).
- When the processing of claims takes too long, customer satisfaction may be affected to a large extent. Six Sigma helps bring about a systematic flow to the enumerable processes and sub-processes.
- Six Sigma helps an insurance company to undertake effective and strategic planning and to link them to the high quality operational performance.
Filed under: Customer Service, Finance, Insurance Industry, Six Sigma
Posted by: meikah | 14 December 2009 | 9:04 pm
An article on Industry Week talks about how to achieve savings at the end of the year, and as you close your books. The formula is:
Minimizing Tax Liabilities + driving Lean Manufacturing = Year-end SavingsÂ
Opportunities for tax savings have never been better. In fact, many manufacturers are minimizing tax liabilities by identifying depreciation and R&D tax credits as they continue their pursuit of lean initiatives.
*Photo from iStockPhoto
Filed under: Benefits and Savings, Finance, Lean, Lean Manufacturing, Six Sigma
Posted by: meikah | 18 October 2009 | 8:50 pm
Here’s another edition of Six Sigma Companies News.
Capital One Financial Corp. has realigned its business reporting structure into three operating segments: credit card, commercial banking and consumer banking, according to a Friday securities filing.
Filed under: Capital One, Finance, Six Sigma, Six Sigma News, Six Sigma Organizations
Posted by: meikah | 30 July 2009 | 10:20 pm
The question: “How great would it be to have the means to evaluate the feasibility of an idea before going too far down the road?”
This is the kind of question that Design for Lean Six Sigma (DFLSS) is capable of answering. As a subset of Lean Six Sigma tools,Â DFLSS encompasses customer needs, design specifications for products and services, and alternative solutions.
So, how do you use DFLSS to evaluate a new loan referral process?
An article on iSixSigma has the answer. View it here.
Filed under: DFLSS, Finance, Lean Six Sigma, Six Sigma
Posted by: meikah | 29 June 2009 | 6:57 pm
Crain’s Detroit Business carries a story about the 100-day mission to improve operations in Detroit. But “50 days into the 100-day mission, members of Detroit Mayor Dave Bing’s crisis turnaround team said they were digging deep into Detroit’s troubled finances and systems â€” with grim findings.”
The city has many financial problems and it’s imperative that they do something about it.
According to Freman Hendrix, co-chair and a former Detroit deputy mayor:
“The teams as they have been organized have sort of fanned out across key departments and divisions through city government and are working in a consultant’s role. They’re talking to staff-level folks, asking questions about state of the city’s IT systems, budget processes, finance issues and so forth … there’s no real template for this work we’re doing. This is not like any other transition process.”
Denise Ilitch, another co-chair and owner of Denise Ilitch Designs, further says:
“It’s challenging… We just introduced Six Sigma, and if there’s a strong interest, we have a volunteer willing to help share those tools and processes.”