The role of the CFO in leading business process improvement

The role of the CFO in leading business process improvement

In today’s economy, strong financial leadership is more important than ever. Leading organizations realize that the CFO and finance team must be deeply involved in processes like business process improvement, cost reduction and innovation management and have a clear role in the process of letting new procedures take shape.

The CFO has 2 significant roles in business process improvement, cost reduction and innovation management strategies:

  • Lead efficiency in the organization, by making the operations aspect more efficient without sacrificing the controllership environment. That’s done through a business-process analysis, and day-to-day process improvement.
  • Ensure a sustainable business, by measuring the opportunities and risks related to innovation, helping identify concepts with market potential and tracking the outcome of the innovation right from the beginning for an optimal ROI.

Qmarkets’ idea management software enables you to lead process improvement and cost reduction processes, and to make sure you are involved in additional innovation processes, when it is needed.

The CFO and finance team must be deeply involved in processes like process improvement, cost reduction and innovation management

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Get better results from business process improvement

As a CFO you probably know that reviewing business processes is a time consuming and challenging task – employees are often reluctant to adopt change. Furthermore, during busy days, the employees may lack the time, expertise and objectivity required to critically review their work and procedures and make sure best practices are being followed.

Qmarkets’ platform enables you to explore operational areas of the business, by involving the employees in the cost reduction and process improvement strategy, right from the beginning of the process.

Using the platform employees are requested to suggest ideas for improving business performance and reducing costs. This approach allows employees to take the time to rethink and examine their daily processes and routine.

The platform provides you with information from the people who perform the processes in practice, and often let you learn about flaws in the process that you might have otherwise missed. Moreover, by letting the employees take part in the process improvement strategy, you engage them to the process and reduce their resistance to change.

Qmarkets platform – Plan, achieve and measure

One of the most important cornerstones of a flawless process is the ability to accurately monitor its progress and measure results. Before you start the project you must plan and establish milestones, markers, and key performance indicators (KPIs) for measuring your activities and results against your initial goals.

Qmarkets’ software includes a complete reporting package, providing statistical and in-depth analysis of the idea management process – system-wide or for specific challenge. Our reporting package and dashboards allow you to measure ROI for any idea management project and make sure you meet your milestones and achieve your goals.

ROI reports

Qmarkets advantages:

  • Rapid ROI.
  • Increased productivity.
  • New process efficiencies.
  • Integrated Project Management.
  • Tracking real-time metrics.
  • Streamlined inter-departmental communication.
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