Financial teams often request other departments to improve their processes and reduce costs in order to focus on value-added activities. But what about enhancing their own processes and operations? 

Our proposal, different from the standard approach, blends HR and Business perspectives, allowing you to enhance your processes as well as your team’s skills. 

• Start by assessing the team’s current situation:
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  → Ensure that all team members have detailed job descriptions. This is a good starting point and is also very useful for HR purposes (from hiring to performance evaluation, to training).

  → Design the competency matrix of the finance department (sub/departments): Define the main tasks and competencies and assess employees’ skills.This will also help you understand your team’s strengths and weaknesses and identify key people and risks. 

• Assess the main activities with this HR perspective in mind – and not only business and cost reasons – and prioritize processes that need improvement. Team members being involved at this stage, engagement for next steps will be much higher.
  
  
• Walk through the first chosen process from start to finish.
  
  → Identify weaknesses such as waiting times, duplication of effort, manual tasks, reasons for errors, and potential for automation. Each step of the process should be questioned.

  → Map the process: A visual representation will help you highlight bottlenecks, risks, and tasks that add no value.

  → Identify the necessary improvements.

• Implement the new process:
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  → Design the new process: Involve relevant stakeholders to ensure success.

  → Plan and implement the new process: Key success factors will include change management, training, communication, and process documentation. 

This approach, focusing on people as much as processes, will not only improve efficiency but also empower your team. 

You may need some short-term, neutral, external help to execute this. Let’s discuss it together!

Schedule a call with me here