The main drivers of businesses having to invest in shared services are to streamline processes, provide continuity, reduce costs and improve (internal and external) customer experience, and ultimately, add more business value. The Deloitte 2021 Global Shared Services and Outsourcing Survey Report indicates that approximately 65% of successful organizations include outsourcers in their delivery model.
The shared services market and outsourcing market are categorized in the following segments:
- Finance and Accounting
- Information Technology
- Supply Chain Management
- Human Resources
- Customer Relationship Management
Capabilities of Shared Services
The most popular functions to outsource and perform in shared service centers (SSCs) are Finance, HR and IT, largely due to the transactional nature of their business processes.
Back-office functions are one of the core competencies of shared services. An organization can have a shared service center dedicated to back-office functions for industries such as IT, Accounting or Finance instead of having corresponding designated in-house departments.
With a dedicated HR Shared Service Team, organizations can integrate tasks, enable business continuity, develop and retain the best talent, foster team culture.
The Rise of Digitized Shared Services
Shared Service Centers are learning to adapt to the changing times brought about by the economy and globalization. They are always looking for ways to increase productivity, agility and scalability in operations. Shared service centers are turning to new technological advancements such as:
- Cloud and Automation Technologies
- Intelligent Business Process Automation
According to Deloitte, as of 2021, 72% of SSCs have implemented Robotic Process Automation, 55% have a single instance Enterprise Resource Planning, and 53% have Cloud Services.
Technology is the great enabler for adding value to organizations. It lets organizations automate their operational processes and lets them track, customize and report business processes real-time. With shared services implementing or planning to implement new technology, more organizations can add value to their business.
Partner with shared services provided by Connext Solutions and add more value to your business today.
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