Shared Services is now being employed by many of the organizations, where the funding and resourcing of the services are shared for cost effective, reliable, and flexible services. Many firms are outsourcing shared services for enjoying better services and efficient operations. It is prerequisite for shared service providers to monitor the dynamic trends in technical world to better client services and to excel themselves in future. Let us have a look on the prevailing trends in shared service outsourcing.
Shared services climbing up the value chain
Shared services outsourcing is no longer pushed to the back side of the business and they are not just dealing with data entry and automation of manual processes. But now Shared service outsourcing vendors and partnering with their clients in redesigning the processes and helping them manage core operations itself which is of strategic significance. There are now concepts of shared CFO and CMO coming out where you can manage your finance and marketing related services using a shared services outsourcing provider. Finance function has much to do with the increased value of the organization and its proper management will result in better business outcome. In fact those companies having 50% of the staff in finance often rely on shared service outsourcing for cost effectiveness and business efficiency.
Shared services approaching new business services
Though majority of the shared services are inclined to finance, recent trends show that it is being adopted in areas like HR and IT. A recent survey conducted by Deloitte reveals that 90 percent of SSOs support finance. In case of HR, it is 60% and that for IT, it is 50%. Such a cross functioning will result in expansion of paybacks that comes from the volume. Also it provides a centralized governing structure by which decisions can be made faster.
Improved output from shared service outsourcers
Shared service outsourcers are sharpening their skills to make a position in the BPM sector. Improved skills are much important, since the same decides their growth and existence in BPM sector. But certain firms often feel reluctant to welcome the services of shared service outsourcers, due to issues like bad PR, and resistance from workers.
Better functioning in a Multi-ERP environment
Shared services allow multiple systems to get linked with each other, so that common data can be shared among multiple users. So working in such a multiple ERP environment, will result in a significant progress in its real applications.
Data centric process for improved services
Through centralization and standardization of processes, it is quite easy to solve the issues arising in real cases. Such conversion of real time data to information will help organizations to have better decisions. So shared services are moving through a continuous improvement phase, where data is used much for self improvement. It is evident that, by implementing shared services in organizations after analyzing these trends will improve business productivity and business success.