Scenario
Prestigious global bank endeavoured to map and improve processes in their finance function following an audit recommendation. Despite being trained in process improvement (PI) and six-sigma techniques, the customer’s team had never lead a live project. There was a culture of duplication and rework with inconsistencies in ways of working, across departments. Along with checks being made against different source documents as departments didn’t have access to the same records. The finance team were forced to find missing information before processing items. The amount of detail on POs was often insufficient to pay invoices received from external parties.
Solution
✚ The staff who were trained in PI and six-sigma were given the role of Process Champions.
Sysdoc actions:
✚ Mapped key finance processes such as P2P and month end.
✚ Identified pain points and areas for improvement.
✚ Mapped finance processes in detail e.g. P2P: request purchase order.
✚ Identified areas of waste and duplication and recommend specific actions to drive efficiency.
✚ Assigned owners to specific actions for improvement.
✚ Prioritised actions by assessing the benefit gained vs cost of implementation.
Results
✚ A prioritised action plan identifying process improvements ranked by benefit and cost of implementation.
✚ Cross-functional collaboration between finance, procurement, HR including weekly meetings to review progress against the action plan.
✚ Staff engaged with the need to spot duplication and waste in processes, embracing a culture of continuous improvement.
✚ The Process Champions developed their skills and experience through knowledge transfer with Sysdoc consultants, building internal capability within the client company.
We believe that the best way to showcase our expertise and the value we bring to our clients is through real-world examples.
