Finance function best practices provide one target, or benchmark standard, for shaping finance-redesign efforts and measuring their success. Finance process best practices span three dimensions of potential change in the nature, focus, and structure of finance work. Computers and communications are essential for widespread process innovation. It is essential to keep abreast of changes and trends to be able to assess the impact of information technology on the organization s competitive position. Shaped by a sound knowledge of current business processes and company objectives and strategies, process improvements are the first step in any redesign effort.
Capture data only one time accurately.
Two of the major forms of waste in transaction processing are multiple entry of data due to lack of integration of the information system and rekeying or correcting faulty data. To avoid this problem, data should be captured and structured so that they can have both a transaction and an information focus and usability. Incorporate controls into information processing. To fully garner the benefits of technology, controls must be built into the systems used to gather and analyze data. Empower users to create, maintain, and use data for decision making.