Six Sigma is a methodology that utilizes statistical tools and concepts to identify variations or defects in a process. An accredited Lean Six Sigma professional indicates the individual has achieved a particular level of knowledge in the study and application of this methodology. This type of certification will make you a more valuable asset in any industry and enhance your career greatly. Across the board, it is an extremely worthwhile investment for any financial institution to implement the Six Sigma methodology into their business procedures. This type of training is essential to a complete overhaul of the previous system, bringing further success to the company. In addition, a primary focus in finance is the reduction of waste. Within the industry, this is often found in a decrease of errors and defects within normal processes making them more efficient over time. Training allows individuals and teams to eliminate unnecessary steps and costs in order to be successful in reducing waste. Additionally, it also teaches individuals how to better use company resources which helps them to finish tasks more quickly. This, in turn, leads to lower production costs while still maintaining a high standard of business. Essentially, this program pinpoints excessive expenditure in order to bring about a cost-effective business budget plan. Financial institutions constantly need to increase and improve compliance in order to provide efficient services throughout all departments and areas of business. This helps the industry better their workers by improving their knowledge and competency. This process also encourages individuals to be more creative or think outside of the box. These innovative and creative ideas are able to be implemented into the business to help improve sales, reduce costs, increase performance, and improve customer support and satisfaction.
Reduce Costs & Increase Revenue
Six Sigma within the finance industry helps reduce costs that are based on strategic decisions. These decisions are often made from statistical data collected from specific sources throughout this quality improvement process. Taught to use special tools, these individuals are able to use data taken from all aspects of the finance industry and figure ways to change an organization’s day to day practices for the better. Financial institutions aim for the highest revenue they can possibly attain, but without proper training of staff, this cannot be achieved. Six Sigma is effective at training staff members in helping eliminate the company’s excess spending, errors, and issues that may arise during certain procedures or processes. It is also not uncommon for some staff members to become unproductive which will cost the business money over time. The Six Sigma program is able to effectively train staff members in order to help reduce costs and increase revenue.
Improve Customer Satisfaction
Financial intuitions operate under the goal of improving their relationships with their customers. Six Sigma is able to boost this goal with its beneficial project management methods and training courses. This is especially helpful within the finance industry. The Six Sigma process will also help individuals figure out better and more efficient ways of understanding customer needs and allow them to quickly provide effective solutions. With the help of this methodology, the finance industry will receive higher satisfaction feedback through experiences with their consumers. This leads to customer retention and will also help to grow the customer base.
Increase Performance & Reduce Errors
A trained Six Sigma team will be able to determine the main reason(s) behind the lack of performance within the organization. The finance team will also be able to find the key performance indicators or KPIs, that are needed to improve the business. Within the finance industry, there are several defects that slow down business overall. Six Sigma training is able to pinpoint these defects and reduce the chances of them occurring. The fewer the defects, the faster the business will improve. Human error is a problem that occurs in many businesses and industries. However, the Six Sigma methodology is able to bring about new methods and mind-sets which cut down the number of errors.
A Six Sigma trained finance team can be involved in keeping the company’s project pipeline full. At the beginning of these projects, a trained team will evaluate the purpose of the project and what it stands to correct or amend. The team can also aid in prioritizing and selecting projects, as they will have a greater understanding of which decision will be best for the company financially and what will make the company most successful. Overall, the team is able to locate those projects which will prove most beneficial to the company’s goals and financial objectives. This is especially important as the industry needs to continuously effect change in order to keep up with the ever-developing and changing market.
When you are capable of making a significant impact across your organization as well as being viewed as an indispensable asset to your organization, it goes without saying that leadership opportunities will become extremely common. In fact, the more you advance your Six Sigma skill set, the more opportunities will present themselves. Higher Salary DemandOn top of all these benefits is an obvious one… money. The best way to increase your earning potential is to stand out from the crowd. Nothing does that quickly and for as little cost as a Six Sigma Certification. Not only because it is widely versatile across practically any industry, but also because employers know that your knowledge will very likely make a significant impact on their profits. It’s no wonder they reward employees who are Six Sigma Certified so well.