The grant approval and funds release process was taking too long, holding up payments to departments (hurting their cash flow), and negatively impacted their confidence in working on future grant projects.
After applying Lean and Six Sigma methods to this process, they were able to achieve the following results:
- Time to pay invoices reduced from 16 days down to 9.8 days (38%)
- Processing time reduced from 191 mins down to 80 mins (58%)
- Handoffs reduced from 32 to 18 (44%)
- Process steps reduced from 126 to 46 (64%)
More importantly, it freed up time for the project managers to spend more value-added time with grantees instead of doing remedial tasks.
Watch the video below or visit https://www.youtube.com/watch?v=DfhTL8oDxXg