Insights from The Lab

Lean Finance Function

Category: Lean Finance Function


Cost Reduction Strategies and Examples of Cost Cutting with Lean Methods

In this article, we’re going to focus on more hiding-in-plain-sight cost-reduction ideas. Specifically, we’ll explore three drains on business value that you can start plugging today.

Perceiving the potential of knowledge work standardization is difficult. That’s because it’s not on the balance sheet. Accounting rules mandate that the activities of knowledge workers appear as expenses on the income statement. But these competencies are the most valuable, albeit intangible, assets in the business!

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Your Finance Group Is a Value Factory that Benefits from Lean Transformation and Process Improvement

You might want to tour your company’s factory, distribution center or even its office furniture management group before you read this.

Just as it did in factories, a second dose of Scientific Management would deliver breathtaking levels of value in this knowledge worker population. And it is likely to begin in that most valuable and influential knowledge factory of all — The Finance Group…

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The Siren Song of False Precision that Slows Down Finance Transformation Projects

“Measure with a laser beam, mark with a chalk line, cut with an axe.”
– Anonymous

Have you ever watched an improvement project stall out because someone demanded an impossible level of precision in estimating the results? Typically, the detail requested for the project far exceeds the company’s current practice – and does not affect the decision…

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Lean Finance Transformation 101: Finance Process Improvement by Reducing Management Report Mania

Ever watch a copy machine go berserk and start spewing paper out all over the floor? Would you consider this a model for running your finance department?

Well, the finance department of one Fortune 100 company generates more than 10,000 internal, regularly scheduled management reports. Ostensibly, these are used to decide how to optimize revenue, margins and, ultimately, market value…

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Improvements from Start-to-Finish

Since opening its doors in 1993, The Lab has helped some of the best companies in the world become even better.