In this podcast episode, we discuss value stream mapping, especially in regard to how it can be used to improve accounting operations. Key points made are:
Value stream mapping shows where there is waste in a process.
The resulting chart identifies all steps in a process, as well as time worked and the amount of time spent between steps.
The time spent between steps is usually longer than the actual processing time. You can focus on fixing wait and queue times.
Need a consultant, the industrial engineering staff, or internal audit staff to develop value stream maps.
Should make changes following each mapping and then do the mapping again to see how the process has improved.
In the map, there is a block for each process, with additional information listed under each block.
The mapping process can also be used to drill down within a process step for a more detailed analysis.
A map can be used in several ways to fix different problems, so you need to prioritize your goals for what needs to be fixed.