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With the involvement of the finance department in such initiatives right from the beginning, a large amount of assistance and benefits can be achieved.

The Finance Department as a Business Partner

Often people feel that the finance team is all about bookkeeping and accountancy, and making audits and financial reports. However, if the finance team is involved in selection of the Six Sigma projects, then they can prioritize a range of improvement projects to be undertaken by different departments.

The process owner finds the opportunities for improvement, forwards it to the finance team for feasibility study, who in turn will put them into the project pipeline for allocating them to the Black Belts. This saves time of Black Belts allowing starting off with the projects that need immediate attention.

Throughout the DMAIC process, the finance team can review with improvement teams the benefits of the project and agree on the calculation of the benefits. On transferring the project to the process owner, a review can be undertaken to assess the expected benefits of the project on the basis of the data collected in the entire process.

Black Belts need not put in time to calculate the benefits accrued. Once the project is executed, a review can be done after about six months to verify if the expected benefits are achieved. This helps identify any deviations. The Black Belts and the process owners can then make modifications that can bring in the expected improvements.

After about a year on implementation, a review can be done and a new baseline set using the improved KPIs. From there, it is just about the incremental benefits.

The finance department can be involved even before the involvement of the Black Belts and so can support the project even after the Belts move on to the next project.

Benefits of Involving the Finance Department

Integrity: A project team calculates the benefits that can be accrued from the project. However, there is every possibility that they will calculate the potential ones rather than the real ones.

The finance team provides integrity to the calculation of such benefits. They are realistic and allow the teams to focus on improving the KPIs without having to worry about the financial results.

Once the KPIs improve, the bottom line results are bound to improve.

Standardized calculation: The finance team can ensure that all project and areas of improvements have a standard calculation method for the benefits accruable from the project, and compare the results without any inconsistencies.

Avoiding recording incorrect benefits: The finance team will consider the factors beyond the project boundaries while calculating the benefits, which may be missed by the process owners.

Budget mechanism: A new project has to be included into the budget to ensure that the improvements in KPIs are sustained.

Audits: The project benefits are available for audits. Internal teams may also be allowed to undertake audits to review and calculate the benefits.

Accountability: The finance department is responsible and accountable for the proper reporting and to calculate the project results and the benefits achieved.

Developments in the field of science and technology have brought about considerable improvements in human life. Since time immemorial, people have tried to invent methods which can improve the quality of human life. Ancient Greeks and shamans also contributed towards this cause. However, with the progress in medical science and treatment, we are closer to that dream than ever before.

Nowadays, modern and progressive instruments are used to treat patients. But the newer and more advanced the instrument, the higher its price is going to be. Therefore you need financing to get hold of these advanced and expensive instruments. Laboratory Equipment financing thus tries to provide these instruments which are necessary for the diagnosis and subsequent diagnosis of diseases.

While Laboratory equipment may be of many different kinds, the ones which are listed below are particularly significant.

o Analytical instrument: Every medical instrument requires this instrument for detecting pathological problems. It is capable of producing results efficiently and within a short span of time thus allowing the treatment to start immediately. Unfortunately, they are also expensive and so might require financing if you want to obtain them.

o Dental Laboratory equipment: The technological developments in dental science have boosted these products. They could include facilities like cavity filling and imaging of the entire oral cavity. But these too are quite expensive, and often have to be procured through financing.

o Common pathological instruments: The X-ray and CT scan machines form a part of this category. Needless to say, they are an essential part of modern medicine for their diagnostic capabilities. While these machines are less complicated than they others, they too can be quite expensive, so opting for financing may be a good idea.

o Other instruments: The list of useful instruments that one may require are endless, so some of the basic forms of the more essential instruments are listed below for your convenience.
1. endoscope
2. ultrasound equipment
3. oxygen tanks
4. optometry equipment
5. orthopedic instrument and more.

All of the devices are quite expensive and so anyone wanting to use them will have to get aid in the form of financing. Thus, it is the job of Laboratory Equipment Financing to bridge the gap between an individual and these modern equipment.

Like everything else, the price of laboratory equipment has increased with time. Thus, financing is often required if they are to be obtained for the use of the common man. There is a demand for these instruments in every pathological laboratory and this is where the idea of financing and leasing come in.

You might wonder how you can get the financial aid that you need in order to obtain such equipment, and the answer is quite simple. All you have to do is choose one of the reliable companies which provide such financing keeping in mind the benefits of the common people. These companies give you loans much faster and at lower interest rates. The many advantages offered by these companies allows professionals and medical institutes to obtain all these devices without having to worry about finances.