Why Standardization is Important for Finance
Why Standardization is Important for Finance

Standardization as a business practice is incredibly important, because it ensures that customers and employees alike are beneficiaries of processes based on best practices. When executed properly, standardization can achieve incredible results. For example, with the advancements in GPS software, logistics companies can standardize their delivery routes to optimize efficiency. One such company decided to prioritize right turns about 90% of the time. By virtually eliminating left turns, they saved millions in fuel costs, saved tons of carbon dioxide from being released into the atmosphere, and delivered hundreds of thousands more in packages. It may seem counter-intuitive to prioritize right-turns, as it can increase the total distance of the route, but the results are clear.

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