Including the finance
All the ideas that had the ability of becoming Six Sigma projects have to be evaluated by the
Six Sigma Committees are active in the decision-making process. It is known that process owners and Belts frequently criticize the inclusion of the
Finance can work with the teams for identifying the advantages of any project. There are times when some projects actually project more profits more benefits compared to what the process owners originally forecasted. The process owner and the
A second review of the inclusion of finance is carried out at the end of the DMAIC process. Afterwards, the ownership of the solution is immediately transferred to the process owner. The Belts are not involved with the calculation of benefits – they only concentrate on the DMAIC process.
Eventually, during first year after the implementation of the date solutions, the company records the profits. If there is a possibility of making an improvement, new Six Sigma projects are created. Whereas involving finance in a Six Sigma project generally starts before involving the Belts, it also goes on even after the Belts transfer ownership of the solution to the process owner.
Advantages of involving Finance in Six Sigma
o By recruiting a finance team to calculate the benefits, the real benefits are easily recorded with accuracy. This allows the team to focus completely on improving the KPI, without thinking about the final financial results. An improvement in the KPI can affect the bottom line.
o Inconsistencies may occur due to differences in working and handling styles. Instead, insisting on a single process that ensures proper financial calculation of every operation can offer comparable results.
o If the process of calculation remains with the owner, they may end up forgetting to calculate other processes that are affected by the calculation.
o These audits can be conducted internally or by simply inviting eternal teams to review calculations of the benefits.
Working with the