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How to Drive Continuous Improvement
Organizations can help drive continuous improvement at their organization by ensuring their employees are engaged in process improvement efforts. Here are nine ways organizations can engage and empower employees to help drive organizational process improvement. 1. Find their pain points.Focus…
3 Ways to Prevent an Uncollectable Balance Pile Up
In this period of inflation, customers are tightening their spending belts, which could result in them deprioritizing or losing their ability to pay owed balances. As such, organizations should keep a close eye on cash flow and be vigilant of early uncollectible balance warning signs. Here are…
What is Cash Flow Management?
Cash flow management involves planning, tracking, and controlling the flow of cash in and out of a business. It is a necessary process in financial planning to ensure that sufficient funds exist to meet business needs. Effective cash management is a critical component of a company’s financial…
Growing Through Change: A Sit Down with APQC Keynote, April Rinne
For APQC keynote April Rinne, change is a business and life feature that can be embraced rather than feared with the right “flux superpowers” or new ways for viewing and navigating change. As a futurist and author, April Rinne is recognized for her ability to identify key shifts early amid…
Top 5 Trends Driving Change in Process Management
Earlier this year, I wrote about the priorities and challenges for process and performance management (PPM) professionals; however, in that blog I didn’t dig in to the section of the survey that highlighted the trends driving change in PPM. As the Greek philosopher Heraclitus said, “change is the…
What is a Chart of Accounts (COA)?
The chart of accounts (COA) is a listing of the general ledger account names and identification numbers arranged in the order in which they customarily appear in financial statements. It can also include a description of what should be included in each account. The COA is a key accounting tool used…
What is Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) is process automation that is server-based and combines process steps with decision models or business rules with little to no human oversight. It is typically applied to high-volume transactional processes with limited variation and clearly outlined business rules…
What is Continuous Improvement?
Continuous improvement is the ongoing improvement of business processes in terms of quality, improvement, cost, or cycle time.The goal of process management is to improve performance. Although you can pursue process improvement without the benefit of process management—as many organizations do—this…
Where will Finance Focus in 2024?
APQC conducted its annual 2024 Financial Management Priorities survey in late 2023 to better understand the focus areas, initiatives, and challenges that will shape the finance function in 2024. The survey, which included approximately 330 participants representing 22 different industries, asked…
What is Process Mapping?
Process mapping is one of the ways organizations can document and understand their processes. Often, projects lack clear scope and poor understanding of work processes. Process mapping can help create an upfront understanding, allowing organizations to realize some of the issues and assist in…