Five Characteristics of the Best Shared Service Centers

 

Five Characteristics of the Best Shared Service Centers

Shared Service Centers in Finance Solutions

A shared service center (SSC) is a specialised unit solely responsible for carrying out specific business functions within an organisation. In the finance industry, these SSCs have gained significant popularity due to their ability to streamline operations effectively, leading to cost reduction and improved efficiency. As businesses recognise the advantages of SSCs, their utilisation continues to grow. SSCs play a pivotal role in optimising processes and ensuring smooth financial management, ultimately contributing to the overall success of the organisation.

Five Characterstics of the Best Shared Service Centers

The most successful shared service centres usually share these five characteristics:

· Think Globally from the Start: Successful organisations plan for the long term and set up policies and structures for a global approach to shared services.

· Expand Consistently: Forward-looking companies broaden both their service offerings and geographic reach over time.

· Standardise with Global Process Owners: Global Process Owners (GPOs) standardise processes across locations, enhance process quality, apply best practises, manage external relationships, track customer satisfaction, and identify technology needs.

· Embrace Automation and Labour Arbitrage: Over 80% of shared services organisations have adopted robotic process automation technology.

· Value Employee Training and Recognition: Successful shared service centres invest in employee training and development.

Why do Companies Need Shared Service Centers?

As companies grow and expand, their financial operations can become more complex to manage. Shared service centers (SSCs) offer a solution by centralising these functions, leading to improved efficiency and cost savings. With SSCs, businesses can streamline their financial processes, making them easier to handle and ultimately paving their way to success.

Benefits of Using Shared Service Centers

Using a shared service center (SSC) for financial operations offers numerous advantages. Businesses can enjoy cost savings, enhanced efficiency, and standardised processes. With centralised financial operations, companies also gain better visibility and control over their finances, contributing to improved overall financial management.

Shared Service Centers and Outsourcing Company — The Difference

The key difference between a shared service center (SSC) and an outsourcing company lies in their nature and scope of operation. An SSC is an internal department within a company that centralises common tasks from multiple departments to save costs and avoid duplication. On the other hand, an outsourcing company is a third-party provider hired to handle specific internal tasks, often when a company lacks the necessary resources. An SSC serves multiple departments within the same organisation, while an outsourcing company manages business processes on behalf of the organisation.

How to Decide Between an SSC and Outsourcing Company?

When deciding between a shared service center (SSC) and an outsourcing company, several factors should be considered:

Process complexity: Evaluate the complexity of the tasks involved and how well they can be executed and maintained by either option.

Workforce: Assess the size and capabilities of your current workforce and how an SSC or outsourcing company can compliment it.

Future business goals: Consider your long-term objectives and how each option aligns with your business growth plans.

Resources and budget: Evaluate the resources and budget available to support the chosen approach.

Support: Determine the level of support needed and which option can provide the required assistance.

The decision will depend on your specific needs, and seeking advice from experts in the field can help you make the right choice for your business.

Things to Keep in Mind When Choosing a Shared Service Center

When selecting an SSC, consider the provider’s experience, expertise, and ability to meet your requirements. Ensure they have strong security measures in place to protect your financial data.

MYND as a Shared Service Center Provider

MYND is a top-notch provider of shared service center solutions. Their extensive experience and expertise in the finance industry make them the go-to choice for companies seeking to optimise their financial operations, boost efficiency, and achieve significant cost savings.

Conclusion

Shared service centers are advantageous for companies aiming to enhance their financial operations. By selecting a suitable provider and considering important factors, companies can enjoy the benefits of using an SSC. MYND stands out as an excellent option given its vast experience and expertise, making it a top choice for businesses seeking a shared service center solution.


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