How to Choose the Right Outsourcing Partner for Your Shared Service Center

How to Choose the Right Outsourcing Partner for Your Shared Service Center

Within an organisation, a shared service center (SSC) is a centralised unit that manages particular operational tasks for several departments or entities. Its main goal is to eliminate duplication and promote standardised procedures by combining accounting, finance, human resources, IT, and customer service. SSCs seek to increase productivity and lower expenses related to transactional, repetitive tasks by simplifying operations. But creating and managing an SSC unit take lots of money and time.

Businesses can save time and money, gain access to more resources and expertise, and accelerate business growth by outsourcing some operational tasks. But switching to an outsourcing model has its own set of difficulties. They cannot allow anyone to manage finance, accounting, and other departments.

The following tips will help businesses in choosing shared service center outsourcing partner:

1. Clearly Define The Work's Scope

Prior to contacting possible outsourcing partners, draft a precise scope-of-work document that supports the businesses’ objectives. Recognise and specify tasks businesses require help with, as well as how outsourcing can help them reach their goals.

To determine the issue they wish to resolve and create a clear roadmap for doing so, begin by responding to the following questions:

·       What specifically do they need?

·       What's the best way to deal with that?

2. Assess Possible Outsourcing Partners' Level of Experience

Take into account the below factors when assessing an outsourcing partner:

·       Technical know-how

·       Experience

·       Possession of the newest technology and expertise in resolving challenging issues

·       Enthusiasm for the project

3. Discuss the Budget in Detail

Planning a budget is essential when working with an outside company or expert. Businesses should establish their investment threshold and be transparent with the provider they choose about their financial situation.

Keep in mind that highly qualified personnel can be expensive, so assess whether the investment is worthwhile. However, they must also be aware that great services frequently cost more than average if they expect them from an outsourcing partner.

But still, before contacting an outsourcing partner, they should finalise their budget but still be willing to discuss cost modifications. This discussion should be based on their experience or the extra value the partner can provide for their project. Clear communication will help establish expectations for both parties and avoid future misunderstandings.

5. Safeguard the Information and Intellectual Property

Businesses have to give access to or share private information or proprietary intellectual property when working with an outsourcing company. They may be vulnerable to intellectual property theft or a data breach if this information is not properly managed.

That is why make sure their outsourcing partner signs a non-disclosure agreement (NDA). Additionally, make sure that any professional or company they collaborate with has strong network and security measures in place to guard against cybercrime.

By following these tips, businesses can find an ideal shared services partner.

There are many companies that claim to offer the best outsourcing services related to SSC.

Mynd Integrated Solutions is one of the companies that offer shared service centres.

Rapid technological advancements are making it possible for creative structures, strategies, and straightforward answers to challenging business issues to emerge from the desire to meet world-class performance standards. With the use of automation and technology, Mynd's shared service centre can manage particular operational duties and transactional problems in the finance and accounting domain. It works as a multi-functional unit that is dedicated to a centralised point of service.

By combining the appropriate technology, we develop tailored procedures based on the unique requirements of the company, with the goal of increasing productivity and adding value to the system as a whole. Concentrating specialised knowledge and skills within centres of excellence (COEs) improves financial reporting and control activities.

Due to these reasons, its accounting and finance shared service center services are in demand.

Conclusion

In order to reduce duplication and standardise procedures, a shared service centre (SSC) is a centralised division of an organisation that combines operational tasks (such as accounting, human resources, IT, and customer service) with the goal of increasing productivity and lowering expenses for repetitive tasks. However, it takes a lot of time and money to set up and run an SSC. Even though outsourcing certain operational tasks can save money and time, give access to expertise, and speed up growth, there are drawbacks to the shift, especially when it comes to delicate departments like accounting and finance.

Businesses may identify the perfect shared services partner by using these tips.   Mynd Integrated Solutions is one of the many businesses that advertise that they provide top SSC outsourcing. Mynd's Shared Service Centre uses automation and technology to handle particular operational and transactional tasks in finance and accounting. It is motivated by the goal of achieving world-class performance and made possible by quick technological advancements. As a specialised, centralised, multi-functional organisation, Mynd develops customised processes with the right technology to increase output and system value. The demand for its shared financial services is fuelled by their emphasis on Centres of Excellence (COEs), which improves financial reporting and control.