Reduction of Waste Caused by Delays in the Process of Tracing Financial Documents Employing the Supply Chain 4.0

Abstract

In the ages of advanced innovation and technology, generating a rapid information flow to reduce waste caused by delays is truly essential. Therefore, this study aimed to investigate the flow of information, including waste caused by delays, and to pinpoint the causes of delays. The Supply Chain 4.0 framework was, thus, employed in order to develop a method for reducing waste caused by delays in financial documents tracing process. The data were collected from 27 key informants of in-depth interviews with open-ended questions and were analyzed by various methods, namely Flowchart, IDEF flowchart using Edraw Max software (Version 9.3), Why – Why Analysis, and How – How Analysis. The results showed that it took approximately up to 161 days and six hours if the documents were incorrect. In addition, the waste caused by delays emerged from activities as documents checking and proof of delivery verification as a result of an excessive workload on workers, a limited number of workers, and an untidy management on filing documents. The researcher then suggested an approach to reduce waste caused by delays by adopting the Supply Chain 4.0 framework. The results revealed that it reduced waste in the financial documents tracing process from 161 days and six hours to 123 days and five hours or decreased by 23.72 percentage points. That is to say, the approach minimized workers’ workload and helped to trace financial documents at full tilt. The research findings can be used as a recommendation for managing the process of tracing financial documents.