27-03-2014, 01:00 PM
Application of Six-Sigma in finance
ABSTRACT
Six Sigma has proven to be successful in areas like sales and marketing, supply chain management, accounting, and finance. It is a tool that could enable finance departments to streamline their financial reporting process. It was applied and implemented within the finance function of a major division within a defense contractor. The Six Sigma DMAIC methodology was used to make the overall accounting process compatible with the present situation. The team followed the five phases of DMAIC in this project and the result was a significant reduction in errors, cycle times, and costs associated with preparing financial reports.