E23: Calculating Financial Benefits for Improvement Projects - Lean Portland Happy Hour - July 2022
Lean PortlandShow Notes
After making improvements to your processes, a best practice is to calculate the benefits to the organization. Calculating financial benefits is an important part of building momentum for improvement with upper management. However, this can be confusing for those not familiar with financial data, and is not done very often in organizations.
Brion Hurley will discuss commonly used methods for capturing financial impacts of process improvement work.
The 5 categories are:
• Income Statement
• Cash Flow
• Growth
• Avoidance
• Soft Savings
We will define each category, go through a few examples, and go through a practice exercise as a group.
Links discussed in the video:
Lean 101 Virtual Training - June 26, 2022: https://www.eventbrite.com/e/lean-101-tickets-367967449547
Case Study Example: https://www.leanadvisors.com/lean-success-stories/manufacturing/client-saved-800-000-in-3-days
ABOUT US:
Lean Portland is a socially-driven community built organization for both new and experienced continuous improvement professionals. We've been gathering for happy hour since 2012 and every First Tuesday since 2015! As of April 2020, Happy Hour is happening online. Until we can safely meet again in person, we hope to see you here soon!
Learn more about Lean Portland at https://leanportland.com/
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