Shared services centers absorb administrative work from organization units to realize efficiency and quality improvements.
Employees need a streamlined and focused way of making service requests as well as tracking the status of their requests.
On the technology side, system enhancements typically involved in a shared services environment serve to improve the effectiveness of the shared service operation. As shared services organizations grow in scope and scale, consider using dedicated support teams, like continuous improvement or project management teams, which help other internal teams improve across end-to-end processes to drive better customer experiences.
Implementing a shared services model is a difficult process to undertake, and is comprised of many different components. By incorporating automation, virtualization, advanced analytics, and other digital technologies into their operations, shared-services organizations may be able to streamline processes. Shared services can also provide built-in back up, reducing the risk of losing institutional knowledge and practice when an individual staff person leaves, and creating overlapping service teams.
Because the entire database is in one central location, the user has access to any sites data. Shared services offers a cost-effective, efficient and consistent platform for service delivery. Performing shared services is defined as consolidating and redesigning selected internal support services and functions to deliver the most cost effective and high-quality services possible.
A growing number of organizations are choosing to move common or repetitive finance processes from far-flung corners of their organization to a centralized shared services center, aiming to reduce cost while improving productivity and efficiency .
Enterprises that restructure their financial operations into a shared services center often only scratch the surface of potential gains. The goals of shared services are to gain efficiencies, leverage best practices, and standardize processes.
The shared-services entity must be able to compete vigorously with outside vendors. Shared services is a model for delivering corporate support, combining and consolidating services from headquarters and business units into a distinct entity based on market-like principles. For captive shared services centers, the management team running the site on a day-to-day basis. organizations that have implemented successful shared services organizations point to the importance of managing the transition process.
Want to check how your Shared Services Center Processes are performing? You don’t know what you don’t know. Find out with our Shared Services Center Self Assessment Toolkit: