Top Tips for Getting Continuous Improvement Approved
Innovation and capital are two items that keeps businesses turning. Finding common ground between the innovators and the financers can be a difficult task for all parties involved. Often the finance department can be perceived as blind to the needs of operations, seeing only the costs involved and not the benefits.
Strategic communication is vital to increasing funding. If the CFO is not willing to move forward with just the word of operators, then it may be beneficial to bring other higher authorities in, such as the CEO, to try and convince the CFO of the need for funding.
Information can also help open doors to new possibilities. Understanding how Continuous Improvement (CI) can benefit a company financially often helps to ease the worries of the accounting departments. Taking time to show exactly how a well-organized CI journey will be implemented can truly change their perspective. Without direct contact with the information, all accountants see are the numbers. It’s not that CFOs don’t care, though it may seem that way, they just need to balance the information and costs in their minds and in their ledgers.
To read more on this topic, please visit: www.industryweek.com.
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.