The six key process improvements for effective capital allocation in corporations are: (1) Identify each business unit’s role and prioritize 10-30 key initiatives that align with the company's strategy. (2) Focus on a few critical value drivers in long-term financial planning to streamline decision-making. (3) Ensure resources are allocated to the most important priorities rather than legacy spending. (4) Align the budget with the first year of the long-term financial plan. (5) Compress the planning process to improve efficiency. (6) Build flexibility into the resource allocation process to adapt to in-year changes.

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