operational accounting 8
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TRANSCRIPT
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Connotation
Transpar-ency
Logic
Trust
Exchange
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TEAM
WORK
Influence + Intelligence = Social Capital
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Can An Accountant manage factory operation?
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Yes, because …
Data-driven vision leads to pragmatic attitudeConservative which reduces risk exposure of the companyDetails + logic enable flexibilityAll activities becomes accountable
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No, because ….
StingyNot sensitive to people care and people managementOnly look at figure on every paper and less patient enoughThe figure cannot be creative itself, it is only a tool for revelation of the reality
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The figure cannot tell how to re-structure the organization, it can only tell whom is not qualified to work on indexBut problem is usually originated from improper construction of platform
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Theory of Constraints (TOC)
1. Identify the system’s bottlenecks
2. Decide how to exploit the bottlenecks
3. Subordinate everything else to the above decision
4. Elevate the system’s bottlenecks
5. If, in a previous step, a bottleneck has been broken go back to step 1
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The GoalThroughput
The rate at which the system generates money through sales
Production not sales is inventory Inventory
Things in system intended to sales
Operational Expenses
Money spent to turn inventory into throughput
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TOC process steps are to answer
What to change?
What to change to?
How to cause the right people to make the change?
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Do you think …The lack of financial knowledge is the bottleneck of your personal career development and your organizational development as well
Warning! Bottlenecks never stop moving!!
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Epilogue
Create the platform of socialization within the organization (Organizationalisation)Principles to assimilate
CollaborativeRational ThinkingData first, Modeling second, Action third and Review finalKnowledge Transparency
Operation for Financials!!
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Solid CitizenLike a society, there are 3 classes
Senior LevelMiddle LevelWorking Level
The middle level is the solid citizenInterpret the objectives from the senior level and convert to actionProvide concrete instruction to working level
Liberal Education nurture all-rounder
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Cohesiveness & Affinity
What can line up people?What can persist relationship/alliance?In what way can you earn respect?Why people break up in an organization?
People quit people, not company!
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How critical financial knowledge to Gen. Mgt?
Let you look at detail while doing macro-management
Clear objective criteria to measure performance
Retributive justice• Reward people for their effort in the past
Utilitarian justice• Emphasize on future result of rewarding to
drive people to do better
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Power
Should always be distrusted, in whatever hands it is placed
Sir William Jones
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Exclusive possession of knowledge creates power with the possessors
Power distance inhibits square exchange of idea, knowledge, respect and trust
Good player of figure is short-lived power player
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Subjection
Attachment of self-rejection
Not voluntary, therefore, no giveaway
Appreciation helps relax hostility, emotional argumentation and leads to recognition
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Challenge the orthodoxSurfacing the dogma
Finding out the absurdities
Going to the extremes
Searching for the “and”
Is finance operation one of the Orthodox?
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Secularization of Knowledge
Finance & Accounting
Supply Chain
Quality Assurance
HRM
Should we secularize hierarchy?
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Empowerment
Figure/Index can serve as the basis of being empoweredIt also represents being entrusted with expected result (of course, reasonable expectation)Principal & Agent need the bridge
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Financial knowledge
A tool to bridge different functions to the objective
Good use of it can help empowerment of staff
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How to permeate your advocates
Articles contribution to internal periodicalsPosterBBSTalk the walkStories Blog
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1
2
3
an integrating discipline
relying on collaboration of functions
and people
Manufacturing is .....
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Do your own
Organizationalisation