By -Mr. VirenderJeet
Shared services centers (SSCs) initially focused only on handling bulk operations to reduceadministrative costs. However, organizations, like yours, beganto realize the importance of SSCs and are now leveraging them to increase process efficiency, maintain leaner operations, and drive enterprise-wide transformation.
The shared services model has evolved from offering transactional benefits to delivering business value. As the next logical step, many organizations are shifting towards a global shared services model that can deliver high-value results at lower costs across functions and departments, and that canenable the rapid adoption of digital.
Let’s take a look at the critical steps for deriving your desiredbusiness outcomes from your SSC:
- Create a well-defined strategy
To get the maximum benefits from an SSC, it is imperative to first understand yourbusiness requirements and identify the gaps in yourexisting processes. Then, you must brainstorm with all the key stakeholders to ascertain their new roles and responsibilities and outline the potential impact on your operations. Devising a well-defined strategy based on organizational needs is also integral to allocating a budget and establishing a timeline for setting up your SSC.
- Leverage modern technology
Technology is a core component of success for an SSC. Integrate and configure yourexisting systems with a low code digital automation platformto bridge functional silos and manage your end-to-end processes. Leverage modern capabilities, including robotic process automation, artificial intelligence, and a self-service platform, to automateprocesses, reduce manual work, and increase operational efficiency.
- Make it a center of excellence
An efficient SSC can eventuallyexpand into a center of excellence for your organization by acting as a hubfor centralizing and reengineering business processes. Function-specific SSCs, such as human resources, finance and accounting, or supply chain, are likely to develop strategic excellence in their focus areas. Take a centralized approachto increase process visibility and control,while enabling your organization to move one step closer to adopting a global business services model.
- Adopt industry best practices
It is critical that you study the evolving market conditions and apply industry best practices to driveyourSSC operations. Deploy a uniform working model, set benchmarks for your processes, and follow standard operating procedures to ensure transparency and control the internal and external factors impacting youroperations.
- Enable continuous process improvement
Businesses, like yours,must undergo frequent changes due to market dynamicity, a competitive landscape, and futuristic strategies. Follow a systematic approach and upgrade yourtechnology infrastructure to track and monitor your SSC-related processes, results, and trends. Continuous process improvement can go a long way in making yourSSC more productive, compliant, and efficient.
By implementing this five-step approach, you can effectively establish a successful shared services model, measure the impact on your business, and gain a strategic advantage over your competitors.
Transform yourSSC from a purely transactional entityinto a knowledge-driven powerhouse that minimizes operational costs, improves business outcomes, and deliversexceptional services. Additionally, incorporating a platform-based approach can help you scale your operations and mature your SSC into a global business services model in order to future-proof your organization.
The Author is Senior Vice President – Technology, Newgen Software.
