LEAN for the Finance Manager

Note: The Live Virtual course is presented in collaboration with CPABC. The content is applicable to all participants. If you have questions regarding this course, please contact pdregistration@cpaalberta.ca

Overview:

Today’s competitive business environment is rapidly evolving - the digital economy, cloud technology, remote work, cybersecurity.  Leadership and expectations of the finance function are also evolving rapidly with an impact on the leadership of the Finance Function.  CPAs are now expected to participate actively in process improvement and the use of tools and concepts that help the organization achieve process efficiencies. 

The use of sophisticated ERP software, combined with tools like RPA, is creating an opportunity for the Finance Function to take a more pro-active role in the automation and elimination of non-value adding work in many support functions specifically in the finance function. These sophisticated tools are often implemented without a solid understanding and documentation of the organization’s value chain and the processes that underlie the organization’s activities.   This course is therefore a hands-on course intended to give new, and experienced, financial leaders an opportunity to discover and discuss implementation of LEAN concepts and tools.

LEAN concepts have been in use for decades in the core activities of many organizations, but are not commonly used or applied in the support functions.  A clear opportunity exists to use these same LEAN concepts such as process improvement, Six-Sigma, and value chain analysis, in order to help the organization achieve increased efficiencies.  ERP and RPA tools are also adding to the complexity of the role of the financial manager. 

Course Content:

In this course, you will gain knowledge about the following topics:

• Nature and challenges facing the Finance Function in the era of rapid digital transformation
• Customer focus – internal and external – as a foundation of the use of LEAN concepts
• The main finance processes – financial accounting and management accounting
• Foundations of the LEAN methodology
• History of LEAN
• The Toyota Way and its 14 principles
• Value-Chain analysis (using the APQC standard model)
• The 8 Sources of Waste (MUDAS) in traditional functions such as the shop floor
• The 8 Sources of Waste (MUDAS) in support functions such as finance
• Process management: SIPOC and VSM models
• Using Kaizen methodologies and A3 documents
• Value Stream Mapping
• 5S, Poka-Yokes, and visual control
• Bringing LEAN to the Balanced Scorecard
• The American Productivity and Quality Center (APQC) standard international value chain model
• Key performance indicators and linkages to the Balanced Scorecard model of Kaplan & Norton
• Linkages and risks to internal control because of the use of  LEAN concepts and automation tools such as RPA
• How to visually represent the value chain of your organization, adapting from the APQC standard model
• How to develop relevant Performance Indicators for specific business processes and functions
• Driving performance by building a coherent and aligned balanced scorecard for your organization
• Ideas and examples to improve the efficiency of the main accounting functions (O2C, P2P, PPE, Inventories, Budgets)
• The LEAN attitude and expectations of the Financial Manager
• Individual activities during the course:
• Is it a Process, an Activity, or a Task
• Brainstorm Poka-Yokes for the Finance Function
• 5S for the Office

Learning Objectives:

By the end of this course, you should be able to:

• Increase awareness of how LEAN concepts can be applied in the support functions of the organization, specifically in the finance function
• Recognize opportunities to help organizations grow while successfully keeping costs of support functions as efficient as possible
• Explore how RPA is creating significant opportunities to improve many non-value adding functions of the organization
• Specifically, this course is intended to provide hands-on cases and examples so that you are familiar with the use and implementation of the LEAN toolbox including:

• • History of LEAN
  • The Toyota Way and its 14 principles
  • Value-Chain analysis (using the APQC standard model)
  • Sources of Waste (MUDAS) in traditional functions such as the shop floor
  • Sources of Waste (MUDAS) in support functions such as finance
  • Process management: SIPOC and VSM models
  • Using Kaizen methodologies and A3 documents
  • Key performance indicators and linkages to the Balanced Scorecard model of Kaplan & Norton
  • Linkages and risks to internal control because of the use of LEAN concepts and automation tools such as RPA 

Who Will Benefit: 

Those who occupy roles in the financial management function of the organization, its risk management, or its governance.

Those beginning their careers in the management of the finance function, new controllers and directors of finance, and seasoned professionals looking to explore emerging issues related to internal controls.