How Financial Shared Services Companies in India Are Transforming Businesses
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| How Financial Shared Services Companies in India Are Transforming Businesses |
With cost savings, standardisation, and better
service delivery across HR, administrative, IT, and financial operations, the
shared services model has become more popular in India. The shared services
model, especially for finance and accounting operations, is transforming
businesses.
Below are the reasons why the accounting and finance shared
services center is able to fuel this transformation.
1. Centralized Data Management
Data Consolidation:
SSCs frequently create a centralised data
repository by combining data from several departments and systems. As a result,
ensuring data quality and consistency is made simpler.
They turn into the central location for managing master data.
Data Governance:
SSCs may guarantee data security and compliance by enforcing data governance standards and regulations throughout the company.
They are able to put validation and data quality checks into practice.
2. Analytics and Reporting
Standardized Reporting
Standardised reports and dashboards may be created and delivered by SSCs, giving stakeholders consistent information.
This saves time and money by removing the requirement for different departments to produce their own reports.
Data Analysis:
Data scientists and analysts who can conduct in-depth data analysis and produce useful insights can be housed in SSCs.
They are able to spot correlations, trends, and patterns that can help guide strategic choices.
Performance Monitoring:
SSCs are able to keep an eye on key performance indicators (KPIs) and give management regular updates.
This makes it easier to monitor how well company objectives are being met and spot areas that need work.
3. Technology Implementation:
Data Infrastructure:
The required data infrastructure, including data lakes, data warehouses, and business intelligence (BI) tools, may be set up and maintained by SSCs.
This guarantees that the company has the technology required to support its analytics and data objectives.
Automation:
Employees may concentrate on more strategic responsibilities by using SSCs to automate data collecting, processing, and reporting processes.
SSCs frequently use AI and RPA technology to increase productivity.
4. Data Literacy:
Employees may be empowered to use data in their everyday job by receiving data literacy training and instruction from SSCs.
This promotes a data-driven culture across the whole company.
They turn into the central location for managing master data.
Data Governance:
SSCs may guarantee data security and compliance by enforcing data governance standards and regulations throughout the company.
They are able to put validation and data quality checks into practice.
2. Analytics and Reporting
Standardized Reporting
Standardised reports and dashboards may be created and delivered by SSCs, giving stakeholders consistent information.
This saves time and money by removing the requirement for different departments to produce their own reports.
Data Analysis:
Data scientists and analysts who can conduct in-depth data analysis and produce useful insights can be housed in SSCs.
They are able to spot correlations, trends, and patterns that can help guide strategic choices.
Performance Monitoring:
SSCs are able to keep an eye on key performance indicators (KPIs) and give management regular updates.
This makes it easier to monitor how well company objectives are being met and spot areas that need work.
3. Technology Implementation:
Data Infrastructure:
The required data infrastructure, including data lakes, data warehouses, and business intelligence (BI) tools, may be set up and maintained by SSCs.
This guarantees that the company has the technology required to support its analytics and data objectives.
Automation:
Employees may concentrate on more strategic responsibilities by using SSCs to automate data collecting, processing, and reporting processes.
SSCs frequently use AI and RPA technology to increase productivity.
4. Data Literacy:
Employees may be empowered to use data in their everyday job by receiving data literacy training and instruction from SSCs.
This promotes a data-driven culture across the whole company.
5. Cost Reduction:
- Economies of scale: Consolidating functions reduces duplication
and leverages bulk purchasing power.
- Labour cost optimisation:
Centralising operations in locations with favourable labour costs can lead
to significant savings.
- Process efficiency: Standardised and automated processes minimise
errors and reduce rework, lowering operational costs.
6. Enhanced Control and Compliance:
- Consistent controls: Standardised controls across the organization
ensure better risk management and compliance.
- Improved reporting: Centralised data and reporting provide
greater transparency and visibility into operations.
- Regulatory compliance: SSCs can specialise in regulatory compliance,
ensuring adherence to relevant laws and standards.
7. Improved Service Quality:
Specialised expertise: SSCs can develop
specialised expertise in specific functions, leading to improved service
quality.
Service level agreements (SLAs): Establishing SLAs ensures consistent service delivery and accountability.
Customer satisfaction: Improved efficiency and accuracy lead to greater customer satisfaction.
8. Scalability and Flexibility:
Scalable operations: SSCs can easily scale operations to meet changing business needs.
Flexibility: SSCs can adapt to new technologies and processes, ensuring that the business remains competitive.
These reasons underscore the positive impact SSCs have on business transformation. After learning about these reasons, it's time to find a finance solution provider or outsourcing partner. Below are the ways businesses can find one:
Define needs: Clearly identify required services and scope.
Check industry expertise: Look for providers with relevant industry experience.
Assess technology and automation: Evaluate that partner’s technology infrastructure and automation capabilities.
Review compliance and security: Ensure the partner can meet compliance and security standards.
Evaluate service level agreements (SLAs): Understand provider service delivery and performance metrics.
Check client references: Seek feedback from existing clients.
Consider global reach and scalability: Evaluate partner ability to support future growth.
Assess cultural fit: Check for alignment with the company values.
Through these methods, businesses can find the right provider for finance and accounting outsourcing services & solutions.
The greatest option for outsourcing a shared service centre can be Mynd Integrated Solutions.
Mynd's accounting and finance shared service centre provides solutions for challenging accounting and financial problems, propelled by technical breakthroughs and the goal of world-class performance. It functions as a specialised, multipurpose service unit by centralising operational activities and transactional concerns via the use of technology and automation. Through the strategic use of technology, it develops processes that are suited to particular company requirements, increasing productivity and providing value. Concentrating specialist knowledge within Centres of Excellence (COEs) significantly strengthens financial reporting and control.
Owing to these reasons, it is considered as one of the accounting and financial shared services companies in India.
Conclusion
In this blog post, businesses now know that due to centralised data management, enhanced control and compliance, and other reasons, SSC is able to transform business. Also, businesses now know how to find the right outsourcing partner for SSC.
Service level agreements (SLAs): Establishing SLAs ensures consistent service delivery and accountability.
Customer satisfaction: Improved efficiency and accuracy lead to greater customer satisfaction.
8. Scalability and Flexibility:
Scalable operations: SSCs can easily scale operations to meet changing business needs.
Flexibility: SSCs can adapt to new technologies and processes, ensuring that the business remains competitive.
These reasons underscore the positive impact SSCs have on business transformation. After learning about these reasons, it's time to find a finance solution provider or outsourcing partner. Below are the ways businesses can find one:
Define needs: Clearly identify required services and scope.
Check industry expertise: Look for providers with relevant industry experience.
Assess technology and automation: Evaluate that partner’s technology infrastructure and automation capabilities.
Review compliance and security: Ensure the partner can meet compliance and security standards.
Evaluate service level agreements (SLAs): Understand provider service delivery and performance metrics.
Check client references: Seek feedback from existing clients.
Consider global reach and scalability: Evaluate partner ability to support future growth.
Assess cultural fit: Check for alignment with the company values.
Through these methods, businesses can find the right provider for finance and accounting outsourcing services & solutions.
The greatest option for outsourcing a shared service centre can be Mynd Integrated Solutions.
Mynd's accounting and finance shared service centre provides solutions for challenging accounting and financial problems, propelled by technical breakthroughs and the goal of world-class performance. It functions as a specialised, multipurpose service unit by centralising operational activities and transactional concerns via the use of technology and automation. Through the strategic use of technology, it develops processes that are suited to particular company requirements, increasing productivity and providing value. Concentrating specialist knowledge within Centres of Excellence (COEs) significantly strengthens financial reporting and control.
Owing to these reasons, it is considered as one of the accounting and financial shared services companies in India.
Conclusion
In this blog post, businesses now know that due to centralised data management, enhanced control and compliance, and other reasons, SSC is able to transform business. Also, businesses now know how to find the right outsourcing partner for SSC.
Mynd Integrated Solutions provides a first-rate shared financial services centre that solves complicated problems with cutting-edge technology. Their speciality COEs offer customised solutions to increase financial reporting and control, and their automated, centralised platform boosts productivity. Now, it is considered one of the finance and accounting outsourcing companies.
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