Leaning Towards Efficient Finance Processes, in Manufacturing Digital

'Lean thinking' as a management philosophy has become for many the bedrock of process improvement in manufacturing.

2012-06-14

NORWICH, ENGLAND, June 14, 2012 (Press-News.org) 'Lean thinking' as a management philosophy has become for many the bedrock of process improvement in manufacturing. Although creating a lean accounting environment is a difficult task, it is no different to establishing any other lean process; the objective is to eliminate waste. Companies can learn from our experience in creating a deeply embedded culture of continuous improvement by, among other facets, empowering associates, top-leadership participation, providing a strong training backbone and organisational support.

When lean is applied to F&A it has a dual role, firstly, to improve its own processes (order-to-delivery & order-to-cash, reporting) therefore becoming 'lean' with the same focus on eliminating non-necessary tasks and improving flow. Secondly, to align with the broader 'lean' process by providing information that is relevant and actionable to empower the continuous improvement process.

It's critical to align performance measurement within a single system across all functions and not to have different systems for manufacturing and finance. If finance both as a department and a process doesn't transform as part of the lean implementation then the project can't be classified as a successful implementation or the full potential benefits be realised.

As Vice-President of Re-Engineering at a global leader in business process and technology management, Raj Bondada is perfectly placed to offer an insight into the challenges to implement lean accounting and how changing a manufacturer's automation philosophy can result in a host of benefits being realised.

Read more here: http://www.manufacturingdigital.com/

About Manufacturing Digital

Manufacturing Digital is a leading digital media source of news and content for C-level executives focused on business and up-to-date news in the manufacturing industry. Manufacturing Digital is the industry-dedicated arm of the WDM Group. Founded in 2007 by entrepreneur Glen White, WDM Group retains a diversified portfolio of websites, magazines, mobile apps, daily news feeds and weekly e-newsletters that leverage technology to innovatively deliver high-quality content, analytical data, and industry news.

Manufacturing Digital is headquartered in San Diego, California, with additional offices in Boston, Toronto, Mumbai, and Norwich, England. For more information, contact 1-760-827-7800 or visit http://www.manufacturingdigital.com/.

Press Contact
Jonathan Williamson
Manufacturing Digital
Telephone: +44 (0)1603 217 571
Email: jonathan.williamson@wdmgroup.com

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