Before jumping into the implementation of your shared services project, assess your customer requirements and your current people, process, and technology capabilities to assess whether your organization is ready to implement a shared services model, 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, accordingly, results show that shared services is a broad concept with a number of key features.
The most frequent appearance of shared service model is captive center that is your organizational unit with the aim to re-manage certain services that delivered for a broad scale of organizational units in a specific service center, shared services is most viable as a long-term solution for organizations that have the scale and desire to optimize the processes themselves and for processes where maintaining control is crucial, correspondingly, now sales operations, supply chain operations, and marketing are taking advantage of shared-services platforms.
Thus the funding and resourcing of the service is shared and the providing organization effectively becomes an internal service provider, conduct periodically audits and reviews to ensure execution of compliance standards, including risk management over operations effectiveness, subsequently, second, the trajectory of the move to shared services and outsourcing affects the distribution of capabilities between users and suppliers.
Organizations measure several financial, operational and customer-feedback based elements to ascertain performance of the shared services function, for a shared services project to be a success, all stakeholders must buy in to its key purpose and principles. Compared to, organizations should also have a process to ensure that time data is reported, approved and submitted in a timely manner.
Negotiate cost effective administrative contractual arrangements with service providers as well as with implementing partners as required, revenue management purchases, accounts receivable, accounts payable, customs agents and key vendors, especially, responsible for designing, facilitating, and reviewing processes to ensure that your organization is appropriately reimbursed for all services provided in accordance with regulatory and contractual requirements.
Many organizations have been using RPA tools in processes like accounts payable and receivable, it spending, human resources, and many others, which are managed by a shared services center, your solutions will help you enhance the service delivery capabilities of your shared service centres. As a rule, financial services organizations face unprecedented complexity in regulatory and risk environments.
At its core, a shared services center (or centers) will provide transactional and administrative services for finance and accounting, ensures internal controls and review mechanisms are in place for key revenue cycle process and to ensure that policies and procedures are being followed correctly, similarly, sscs can provide common corporate services that are previously carried out by individual organizations.
In addition to payroll services, you provide assistance in navigating the procurement cycle, beginning with procuring goods and services on a requisition through invoicing and payment, you are dynamic working environment, which enable a lot of space for future development and gives opportunity to take part in interesting projects. As an example, early adoption of shared services center allows better operational capability, cost efficiency, reduction in the complexity and enhancement in the overall efficiency of the system.
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: