Latest News  

Shared service centers and information management: A mantra for success

In today’s robust and competitive business environment, organizations are constantly looking at streamlining business processes to derive greater business value, writes Vivek Naidu for dqindia.com.

2015-10-21 17:15:15

This is primarily the reason why today, shared services centres and outsourcing have been widely adopted or are being adopted by over 90 percent of Fortune 500 corporations. These approaches to service delivery have allowed companies significant cost savings thereby taking advantage of the labour cost arbitrage, improved productivity and economies of scale. All of this leads us to ask an imperative question, what are shared service centers and how tangible are their benefits to companies when it comes to increasing organizational efficiency and efficacy.

Shared Service Centers and their importance to businesses
In lay man’s terms a shared services center in an organization, is an entity responsible for the implementation and the management of specific operational tasks, such as accounting, human resources, payroll, IT, legal, compliance, purchasing, and security etc. Most often in organizations, shared services centers are either inbuilt or are outsourced.

With continuous improvement being an essential element in any business strategy, organizations are constantly looking at improvements. Be it large or small, achieved in a factory floor or back office floor, the goal is the same- to better leverage the resources of an organization to create optimal value for customers and key stakeholders. Staff service activities are also not exempt from the ongoing pressure to become more market driven and efficient. Infact the increasingly complex costly support services within organizations are prime candidates for cost reduction and simplification.

Thus shared service centers are being created in organizations as an optimal solution to reduce the cost and improve performance of staff services spanning across finance, human resources and facilities support and other functions etc. Apart from the above benefits, shared service centers allows for process standardization, improved levels of service, increased professionalization and better technology at organizations.

For shared service centers to become a major success, information management will play a critical role. Improving access to information, providing accurate and reliable data in real time, decision support and enabling processing of transactions with embedded controls in place are just some of the important factors that will come to play a crucial part in reducing unessential costs.

Information Management Solutions in Shared Service Centers and its benefits to corporations
As mentioned above, Information Management will come to play a major role in shared service centers. Information as we know today, includes both electronic and physical information. The organizational structure must be capable of managing this information throughout the information lifecycle regardless of source or format (data, paper documents, electronic documents, audio, video, etc.) for delivery through multiple channels that may include cell phones and web interfaces.

With shared service centers generating large volumes data, capturing and consolidating this from digital and paper sources and giving out the right information to the right people at the right time makes Information Management very important. Shared Service Centers embedded with the best available production scanners and capture & Information Management software are able to scan faster, perform imaging functions and extract data and extract valuable insight from the contents.

Use of such software’s and scanners can save up to 53% on total cost of ownership – over five years, thereby aggregating and leveraging knowledge and expertise across geographies, people, processes and knowledge. Information Management in shared service centers of the multinational organizations can therefore take the best capabilities, business insights and knowledge from different sources within the company. It can standardize and centralize them in order to optimize outputs through the development of best practices fostered by frameworks, processes, tools and templates. In terms of tangible business benefits to an organization, it enhances value creation, brings about cost reduction, and also targets non-transactional and complex activities such as those that demand deep industry insight.

The way forward –Shared Service Centers transforming to Centre of Excellence (CoE) and Information Management playing its part

As it is evident, shared service centers are here to stay because of the multiple financial benefits an organization can accrue. Going forward, organizations, will slowly gravitate towards transforming their shared service centers and take them to the next level that of a Center of Excellence (CoE). The Center of Excellence (CoE) that is being viewed as the next generation of the shared service center that will eventually evolve into being Global Business Services.

In the coming years, we will witness this trend catching up as organizations will want to synergizeeffectiveness and efficiency of supporting services across the company by applying multiple service delivery models including elements of shared services, outsourcing, off-shoring and IT solutions. Information Management will play a major role in global business services as they can be implemented globally and span across business units and functions. The relevance of Information Management solutions and its ability to successfully deploy a variety of capabilities in a seamless end to end process will only increase its demand in the coming years.

With the growing trend of taking shared service centers to the next stage, and also the values realized from the Center of Excellence (CoE), many organizations will look at Information Management in order to keep up with this transformation. In conclusion we can say, that shared service centers are a concept whose time has come.

Vivek Naidu is Vice President – Information Management at Kodak Alaris India


0 COMMENTS ^ Go back to Top
WRITE A COMMENT ^ Go back to Top
 
Your email address will not be published.
Nickname
Email
Comment
Validation Code
   
 
 
NEWS
Atos signs key contract with the European Space Agency to enable new services with satellite data

Atos, global leader in digital transformation, has been selected by ESA, the European Space Agency, to deliver and operate Copernicus Data and Information Access Services (DIAS).

 Read Full article »
Oracle Cloud growth driving aggressive global expansion

Significantly expands its current regional cloud infrastructure footprint to deliver Oracle Cloud services to an increasing number of customers and partners, a press release of the company informs.

 Read Full article »
Accenture Technology Vision 2018: Rapidly advancing needs fundamental shift in leadership

Rapid advances in artificial intelligence (AI) and other technologies are accelerating the creation of intelligent enterprises and enabling companies to integrate themselves into people's lives, according to Ac

 Read Full article »
Tremend consolidates US presence by acquiring 648 Group

Tremend, the software engineering partner for leading organizations in 15 countries, finalizes the acquisition of the US-established web and mobile company, 648 Group.

 Read Full article »
ABSL: Innovation and transformation in Cluj Napoca's business services' Conference

The Association of Business Service Leaders in Romania (ABSL), the most important organization representing the business services industry, organizes on February 27, 2018, at the Opera Plaza Hotel in Cluj-Napoc

 Read Full article »
Smartree Workforce Index states an increase of 12 per cent employees working in private companies in 2017 vs 2016

According to Smartree Workforce Index, an analysis conducted by Smartree Romania, a leading provider of outsourcing payroll services and personnel administration in Romania, in 2017, there were 12 per cent more

 Read Full article »
Venture capital fund GapMinder assigns 26 million Euro to finance tech startups in Romania

GapMinder, venture capital fund targeting innovative tech startups in Romania enters the local market. With an initial budget of 26 million Euro, GapMinder is the first venture capital fund created following th

 Read Full article »
Iasi designated Emerging City of the Year

Iasi won the title of "Emerging City of the Year" at the CEE Shared Services and Outsourcing Awards Gala, which took place on 31st of January and 1st of February 2018 in the Polish capital, Warsaw.

 Read Full article »
ANIS awarded the best-tech projects within the fourth edition of its annual Gala event

Employers' Association of the Software and Services Industry ANIS awarded within its annual Gala event the best high-tech projects in Romania.

 Read Full article »
Entersoft Romania posted 10 per cent growth in turnover in 2017

Entersoft Romania has achieved a 10 percent growth in their turnover in 2017 compared to the previous year, while profit increased by two percentage point.

 Read Full article »
 
 
MOST READ ARTICLES
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Saxo Bank analysis: Romania, the ideal...
» Molson Coors started to grow its busin...
» New customer contact centre opens at B...
» Romania, Europe's third and world's 13...
» Committed to growth
» Why AFI Tech Park is the best value fo...
» LeasePlan to open service center in Bu...
» Three major trends to shape the outsou...
» Genpact's COO: Staying ahead of the cu...
 
EDITOR CHOICE
TELUS International: Four reasons why artificial intelligence belongs in your customer service strategy

Discover how artificial intelligence is helping contact centers deliver a more effective and engaging customer experience

 Read Full article »
Oracle: Emerging group of cloud masters accelerate ability to outperform peers

A new group of cloud masters is emerging according to a global survey of 730 IT professionals conducted by Longitude. This small group of forward-thinking businesses have reached cloud maturity (with on average

 Read Full article »
Why AFI Tech Park is the best value for money office project in Bucharest(P)

Based on the insight that location is a strong criteria employees take into consideration when choosing their workplace, AFI Europe Romania is currently developing AFI Tech Park, the newest office destination i

 Read Full article »
Shifting the workplace perspective towards high-end added value

This month, OUTSOURCING TODAY organized The Workplace of the future in IT and Outsourcing at Caro Hotel Bucharest, a new concept event meant to connect fast-growing corporate tenants from IT and outsourcing ind

 Read Full article »
Andrei Romanescu, Managing Director of Veeam Romania: Outsourcing sector, a decade evolution

Since the early 2000s, this sector has grown at a significant rate (about 20-30% per year). The industry has evolved from focusing on cost and labour arbitrage to adding value – therefore the growth is not so

 Read Full article »
Latest News  
 
about us | newsletter | contact | members area
Copyright © 2015 by Diplomat Media Events Design by Diplomat Media Events