1,022: The Power of Lean Thinking | Todd Patriacca, CFO, BVI Medical

CFO THOUGHT LEADER

Todd Patriacca was more than a dozen years into his finance career when two things happened that accelerated its trajectory. The first was that he found a mentor—or, rather, that his future mentor found him. The second was that he became immersed in Lean culture.

Starting his career at Arthur Andersen, Patriacca spent nearly 10 years in public accounting, a span that allowed him to gain a broad perspective on various industries. However, it was in a subsequent role as corporate controller at a private company that he found a mentor to guide him through essential areas like tax, treasury, and operations—preparing him for the CFO role that he eventually assumed.

It was during these years that Patriacca was introduced to Lean principles. Initially rooted in manufacturing, Lean focuses on continuous improvement and eliminating waste. Patriacca saw the potential to apply these methodologies to finance. He began by implementing standardized processes and automation, significantly improving efficiency. For instance, 80% of accounts payable invoices with purchase orders became processed without human intervention, allowing his team to focus on exceptions and strategic tasks.

Upon joining BVI Medical in 2023, Patriacca continued to champion Lean principles. He established a Center of Excellence in Poland, centralizing operations to enhance efficiency and scalability. His approach to Lean extended to leveraging AI for forecasting and inventory management, exploring opportunities to further streamline operations.

When asked how far along in their career finance professionals should be exposed to Lean thinking, Patriacca’s response is clear: “As early as possible.” He believes that early exposure helps finance professionals to develop a mind-set geared toward continuous improvement and collaboration. Patriacca’s career journey underscores the transformative impact of Lean thinking, illustrating its power to drive efficiency and innovation in finance.