Solutions for Shared Service Centers - Mynd Integrated

Enterprises having a number of business units functioning at the same or different physical locations, usually opt for Shared Service Centers. Such centers combine a series of business functions with IT processes from multiple business units that are integral part of the enterprise. Shared service centers are becoming an indispensable part of organizations due to the distinct structure and scopes they offer. Design, structure, location options as well as options in tools for execution of the shared service centers can be customized in the larger interest of the organization. While most organizations choose to have their own shared service center, few others opt for shared services that are managed by third party enterprise.

Shared service centers largely depend on automation due to endless back-end operations that need to be completed within the least timeframe. An independently functioning shared service center unit not only shares common objectives and policies as the parent organization but also functions as the central storehouse of data related to all types of process automation deployed within the organization. Finance and accounting shared service are also included in process automation. A shared service center adopts varying levels of automation, depending on the nature of industry as well as requirement of the business. Large scale internal operations that organizations often find difficult to plan and execute are the ones that are most likely referred to shared service centers and automated. In nature, these large scale operations are normally highly repetitive and clearly defined, and can be executed or delivered without specialized knowledge or supervision of skilled experts.

Intelligent automation not only enhances productivity but also empowers employees in many ways. As automation frees the employees from the burden of repetitive manual tasks, it also provides the employees with up-to-date applications. The right set up lets the employees pick their preferred device for delivering tasks, at designated workstation belonging to the organization or the employees can work remotely too. Even for remote working setup, employees can get the opportunity to use the advanced tools and features provided by superior infrastructure of the organization. Mynd shared service centers bring operational excellence by means of – GA SSC, AR SSC and AP SSC. Enabled by fast paced technological advancement, Mynd’s shared service centers are designed specially to offer a centralized point of service that further helps an enterprise to formulate innovative structures, handle specific operational tasks, adopt strategies, and arrive at simple solutions whenever possible. Tasks and transactional issues, too, are easily managed when there is automation.

There are several benefits of shared service centers

Firstly, with the help of a shared service center, an enterprise would find it easier to generate business value by monitoring and evaluating KPIs. A typical KPI consists of organization’s target of reducing costs, leveraging economies of scale, channelizing service requests, concluding service level agreements related to services that require special skills, managing points of contact and bringing highest level of efficiency in delivery of services.

Secondly, shared service centers are unparalleled for creating provisions for outsourcing. Enterprises often need to outsource tasks in order to manage the overall operational pressure. Not only enterprises can explore the opportunity of hiring labours from cheaper labour markets- which are usually located in different geographical locations within a country and even offshore, but enterprises can also have access to a bigger pool of talents, and hence, enjoy more freedom to analyze skill level of candidates and hire the best ones. 

Thirdly, in case of service duplication, that is when an enterprise delivers a particular service from multiple regional offices, it becomes important for the organization to track each of the services in real time. For a large scale organization that has branches all across the world, it becomes a massive challenge to integrate data and share knowledge as well as updated status of each service - service requests and delivery. For such multi-functional units, automation and shared service centers are the perfect solution. With Mynd’s shared servicecenters, numerous enterprises have successfully established centers of excellence (COEs) by bringing together industry- specific knowledge and concentrating specialized skills. The shared service centers of Mynd are credited with these three chief outputs. Firstly, they are capable of functioning as a single window service. Secondly, they help in evolving with market, as well as requirements of the market, keeping up with the market in due course of time, and thirdly, driving efficiency by reporting and controlling activities that directly or indirectly affect the business outcome. Hence, the shared service centers act as value drivers for process efficiency. Five verticals of shared service solutions offered by MYND are –shared supervision, standardization, consolidation, automation of AI and robotics processes, and general automation tools. Transparency and visibility, smooth cash flow as well as the elimination of issues in working capital in each stage are added advantages offered by shared service solutions.