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AFP 2021 Blog

AFP 2021 Blog


Lean Six Sigma and RPA to Improve Treasury Activities

Aug 23, 2021

By Marcela Grammatico-Elliott, MBA, CTP, and Hunter T. Woods

With the emergence of intelligent automation in the workplace, have you found yourself wondering if your processes are the most efficient way of working? So many fear that automation means the elimination of people on their team. We are here to show you how to combine lean methodology with intelligent automation as best practice to drive success in eliminating waste in the process, allowing the team to focus their skills on meaningful work. Treasury and financial practitioners, managers, and directors will benefit from the “Lean Six Sigma and RPA to Improve Treasury Activities” session at AFP 2021.

Lean Six Sigma

Lean is not something that can be adopted in a day — it is a way of working that ensures improvement and sustainment in value delivery. Lean’s focus is the process which requires respect for the people, teamwork and collaboration. When done correctly and waste is eliminated, resources are not thrown away but rather redeployed to where the resources add value. You may find yourself asking, “How do I know if my processes are Lean?” Gemba Walks indicate the action of going to see the actual process, understand the work, ask questions and learn.

What is RPA?

Robotic Process Automation (RPA) a way to automate repetitive and rule-based processes. It records the actions a human does to complete a computer-based process. It replicates those actions as many times as necessary — error free and fast. This allows employees to focus on processes that require creativity, judgment and personal interaction.

What type of processes can be automated? In order to automate a process, it must be rule-based, computer-based, stable, well-documented and high-volume. Two things that cannot be automated are hand-written content and non-rule-based judgment calls.

How Lean Six Sigma Methodology combined with RPA sparks innovation

This AFP 2021 session will dive into how we utilized newer technology to boost improvements and reduce non-value-added time, focusing to deliver value to the customers and creating a sustainable environment of continuous improvement. We will demonstrate how a small team completed several projects, implemented improvements, created efficiencies, developed talents, and implemented RPA and used Lean techniques. Treasury teams can engage and work with other departments while applying Lean and RPA techniques to add profitable value to the organization today.

Attendees will hear how we are avoiding human error and creating fraud protection processes using RPA. A key insight to take away is that leaders need to provide a sense of ownership, empowerment and accountability to the entire team. If you want to implement insights from this session, keep in mind that we are not eliminating people with intelligent automation ­— we are eliminating processes and waste, allowing the team to focus on meaningful work.

Don’t miss Marcela Grammatico-Elliott, MBA, CTP, and Hunter T. Woods’ session, “Lean Six Sigma and RPA to Improve Treasury Activities,” and check out all the sessions on the AFP 2021 SESSION EXPLORER. Register for the conference HERE.