Survey: The primary improvement focus of the CFO
I spent a fascinating day recently at the Institute of Chartered Accountants Australia (ICAA) in the “Applied Corporate Strategy for Finance Professionals” training workshop.
It was a very hands-on session, workshopping assorted real world case studies. The concepts of Lean vs SixSigma vs Constraints Theory were touched on with respect to cost management in a business. These concepts tend to be more prevalent and embraced in the manufacturing and operational side of businesses than the office of finance.
If Lean equates to ‘remove waste’ and SixSigma equates to ‘reduce variation’ and Constraints equates to ‘maximise throughput’, has anyone applied any/combination of these concepts as a determined transformation project into the finance team? How did it go? Where were the wins and the losses? What was the greatest value to the business overall?
I thought it would be interesting to do a quick survey. Which is more important to you as a CFO: efficiency, effectiveness or throughput? I know some of you might want to tick an “all 3 option” but that’s not the way of a leader!
You can read Neil Richardson’s other blog about the Institute of Chartered Accountants Australia (ICAA) here.