It's good to share
Adrian Ryan explains why every business should consider shared services and why the benefits go beyond saving costs.The debate as to whether or not the shared services operating model delivers value is long over. All that remains is for those who already have it to refine and leverage it further and for those who have not yet embraced it to consider it. It is vital to appreciate the value of Shared Services Operations (SSO) beyond merely cost-saving.
While cost-base reduction will always be a key factor, the decision is more strategic in nature and businesses of any size can leverage key best-practice principles such as IT automation and process standardisation. Shared services mean more than just centralisation and off-shoring.
SSO is no longer purely about cost reduction, if indeed it ever was. The implementation of a SSO model changes the way the function is structured: focusing more on business performance and decision making; leveraging more technology automation and data analytics.
This is an extract from the Finance & Management Magazine, Issue 247, October 2016.