The Finance Community needs to develop a standard and streamlined costing tool, updated centrally and pushed to all organisations because otherwise there will be a huge duplication of effort within finance teams, the length and breadth of the country, each creating their own internal models after every update in pay scales or technical guidance. Developed centrally, this allows the opportunity for both consistency, simplification and the opportunity to develop and enhance, utlising our combined and considerable knowledge base.
How might we develop this automated costing tool so that it becomes a valuable and accurate resource, used cross organisationally by finance and non finance staff alike. I wanted this to be a tool that could be used by finance staff (To improve efficiency and consistency of output) but also to make this sufficiently intuitive that non finance staff understood and could use the model – the intention being the time saved could be reinvested into other value adding work areas.
The tangible product which came from the innovation is a published Automated Costing Model available via the Value Maker Network. Alternatively, this is available via https://www.facebook.com/groups/valuemaker
The Costing Model continues to be a valuable tool across the NHS – whereby organisations are aware of its existence. Despite being relative quiet over the last 12 months due to COVID related work pressures – it is encouraging the number of emails / chat messages received asking if an updated version is available or when the next planned update will be. Benefits arising from the development are;
- Time Savings
- Consistency / Accuracy
- A Single National Model (Developed and continuing to be adopted)