you can’t improve what you can’t measure
Performance analysis is the first step when you are thinking of any improvement initiative. It requires a comprehensive review of current internal controls, risk management practices and compliance with policies and procedures. We use several data analysis techniques including, but not limited to, Six Sigma tools to accomplish this. The next step is to identify and implement solutions that can result in cost savings, performance improvement and effectiveness.
Following are some of the ways we have helped companies achieve improved performance / cost savings:
- Six Sigma tools were utilized to analyze the stock-outs of critical machinery spares in a large fertilizer manufacturing plant. Solutions were implemented to significantly reduce the instances of stock-outs and saving the company approximately USD 175,000 in just one year.
- After a plant turnaround in a large fertilizer manufacturing plant, pending maintenance work orders were analyzed and resolved timely which resulted in saving the company approximately USD 375,000 from unnecessary re-ordering of spares.
- Fixed costs / expense budgets of an Administration department were analyzed and a Budget Tracking and Forecasting model was implemented resulting in cost savings of approximately USD 150,000 in the first year alone.
- Risk management practices and compliance with policies and procedures were reviewed in a Treasury department of a chemical manufacturing conglomerate after a fraud occurrence of approximately USD 140,000. Internal control gaps in handling of cheque books and bank reconciliations were identified and process was improved to reduce fraud risks and improve accountability of each process.
- Books closing activities were analyzed in a large FMCG listed company in a SAP environment which used to take 15 days. Processes were streamlined and automated such that all activities were completed in 5 days. The company became the first to announce their annual financial results on the stock exchange and received 2nd position in the Best Corporate Report Award.