Six Characteristics Of The Best Shared Service Centers
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| Six Characteristics Of The Best Shared Service Centers |
1.Customer Focus
Customer focus is the cornerstone of any successful
SSC. It emphasises prioritising the needs and expectations of the internal
customers. These customers include various departments and individuals within
the organisation that rely on the services of the shared service
center. Below are the key aspects of these characteristics:
- Understanding Customer Needs: This
means actively listening to customer feedback, gathering input on service
delivery, and understanding their specific requirements.
- Providing Excellent Service: SSCs
deliver high-quality services that either meet or exceed customer
expectations in terms of speed, accuracy, and responsiveness.
- Tailoring Services: SSCs customise or tailor their services to
meet the unique needs of different business units.
2.Create and Execute an International Delivery
Model
In their own nation or area, the majority of businesses start their shared
services journey by putting in place a shared services delivery model. They
export the concept to other parts of the world when they are satisfied with the
initial outcomes. All too frequently, this leads to a suboptimal approach where
each area tries to achieve cost reduction and productivity improvement on its
own.
The most forward-thinking businesses have a global
perspective on shared services and set up organisational structures and
policies to maximise the global model. A single main global centre and a number
of smaller regional centres are often the outcome of rationalising the number
of physical sites. The shared services organisation's chief oversees all
international operations and makes sure that business units in every location
receive consistent delivery.
3.Increase the Scale and Scope of the Organisation
Typically, shared services start with the standardisation and consolidation of
high-volume tasks like cash application of accounts payable. At this point, a
lot of organisations stagnate and are labelled as companies that are only into
transaction processing.
Businesses that are far-sighted strive to increase the geographic reach and
range of services they provide. There are no outliers for these businesses, and
business units do not have the opportunity to opt out. The shared services
organisation serves all of the company's locations, business units, employees,
and nations. In addition to considering scope extension to incorporate expert
tasks, progressive firms do not restrict the criteria for evaluating processes
to the cost reductions inherent in processing large volumes of transactions.
4.Innovation and Adaptability
Successful SSCs are agile and adaptable to thrive
in a constantly evolving business environment. They implement technologies like
AI to automate tasks, improve efficiency, and enhance service delivery. They
review and refine processes to identify areas for improvement and implement
best practices on a regular basis.
5. Strong Leadership and Governance
Strong leadership and governance are critical for
the success of any shared service
center finance, accounting, etc. Effective leadership provides the
vision, direction, and strategic guidance necessary to achieve organisational
goals. Besides, a robust governance framework ensures accountability and
transparency in all aspects of shared service operations. This includes clear
roles and responsibilities, regular performance reviews, and mechanisms for
tracking and reporting on key performance indicators (KPIs).
6.Cost-Effectiveness
Just like any other business-related department,
cost-effectiveness is also an important characteristic of a successful SSC. It
is crucial to demonstrate tangible value by optimising resource allocation and
minimising operational expenses while maintaining high-quality service
delivery.
By centralising services, shared service
accounting (and other domains) leverage the power of economies
of scale. This reduces redundancy, minimises duplication of effort, and
optimises resource utilisation across the organisation. Centralisation can lead
to significant reductions in overhead costs such as rent, utilities, and
administrative expenses.
These are all the characteristics of the best
shared service centres.
Mynd Integrated Solutions is one of the business
organisations that offer the best accounting or financial shared services
centre. Its shared service centre uses state-of-the-art technology to provide
creative answers to challenging accounting and financial tasks. Its centralised
service strategy, which is driven by technology and automation, increases
productivity and simplifies processes. It improves financial reporting and
control operations by concentrating on specialist knowledge and abilities
inside Centres of Excellence (COEs), providing solutions that are specifically
designed to satisfy certain company requirements.
In Conclusion
The success of a shared service center
hinges on a combination of factors that go beyond mere cost reduction. By
embodying six key characteristics, such as customer focus, innovation and
adaptability, strong leadership and governance, and a skilled and engaged
workforce, shared service centres can transform from cost centres into
strategic assets.
One of the companies that provides the greatest
accounting or financial shared services center is Mynd Integrated
Solutions. Its shared service centre offers innovative solutions to difficult
accounting and financial issues using cutting-edge technologies. Its automated
and technology-driven centralised service approach streamlines procedures and
boosts efficiency. By focusing on specialised knowledge and skills inside
Centres of Excellence (COEs) and offering solutions that are especially made to
meet specific business needs, it enhances financial reporting and control
processes.
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