Team Excellence – Live Case Studies
This project’s objective was to ensure control of foreign currency hedging fluctuation, mitigate potential loss from foreign exchange fluctuation, increase plant profitability, improve cash flow and labor capacity, and ultimately deliver competitive costs to customers and financially solid returns to shareholders. Using Lean Six Sigma approach, leveraging tools like SIPOC, flowchart analysis, brainstorming, cause and effect, FMEA, regression, hypothesis inference test, DoE, benchmarking, Pugh matrix, etc., the team successfully carried out a foreign exchange management process transformation by analyzing people, process, system, and technology across organizational functions, obtaining stakeholders’ buyin, approval, implementation, and sustaining. A key deliverable is that an intelligent ForexGo platform being developed by our subject matter expert, which effectively improved the foreign exchange review and hedging process, and purchase price variance (PPV) management. Further, the project generated savings of $800,000+ on process efficiency improvement, foreign exchange loss mitigation, and PPV gains as well.
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