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Lean Six Sigma in Finance and Accounting Services for Enhancing Business Performance
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Author(s): Pankaj M. Madhani (ICFAI Business School, India)
Copyright: 2021
Volume: 12
Issue: 6
Pages: 25
Source title:
International Journal of Service Science, Management, Engineering, and Technology (IJSSMET)
Editor(s)-in-Chief: Ahmad Taher Azar (College of Computer & Information Sciences, Prince Sultan University, Riyadh, Saudi Arabia & Faculty of Computers and Artificial Intelligence, Benha University, Benha, Egypt)and Ghazy Assassa (Benha University, Egypt)
DOI: 10.4018/IJSSMET.2021110109
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Abstract
The evolution of Lean Six Sigma includes both the speed of Lean and the robustness of Six Sigma. Lean Six Sigma leads to greater efficiency and better quality in the finance and accounting process. Lean Six Sigma helps in solving various issues faced by finance and accounting processes. Applying the principles and discipline of Lean Six Sigma in finance and accounting provides the tools and discipline to strengthen the internal control environment while at the same time ensuring that the information flows are efficient. Lean Six Sigma is the predominant process management methodology for finance and accounting services as it is rapidly transforming how finance and accounting functions are managed. Research provides a set of guidelines in the form of the smooth deployment of Lean Six Sigma in finance and accounting services and develops various frameworks for emphasizing its operational, tactical, and strategic benefits. Research also provides various illustrations of successful Lean Six Sigma deployment in finance and accounting.
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