Over 90% of Fortune 500 companies adopt a shared service center in their organization. Because of its growing effectuality, many companies have been acknowledging the benefit out of it including significant cost savings, improved productivity and economies of scale. These verified advantages lead other companies to ask an imperative question: What is a shared service center and how tangible are their benefits in increasing an organization’s efficiency and efficacy?
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Shared Service Centers and Its Importance
To further understand what a shared service center means, it is a unit responsible for an organization’s implementation and management of specific operational tasks such as accounting, human resources, payroll, IT, legal, compliance, purchasing, security and etc. The shared service center is either inbuilt or outsourced.
Continuous improvements in every aspect of an organization are an essential element in any business strategy. Whether it is large or small, the goal is the same—to improve every resource in an organization to achieve customer’s expectations. Thus, the main importance of the shared service center in an organization is to reduce cost and improve the performance of staff services across finance, human resources, facilities support, and other departments. Aside from these benefits service center allows every company to improve its levels of service. Increase professionalism and have better technology in their organization.
Shared Service Centers Transforming to Centre of Excellence
The shared service center proves that every organization can attain multiple financial services and reduce the company’s expenditures. If more companies allow their organization to implement service center sharing, they can take their company to the next level of Center of Excellence (CoE). If this happens, this Center of Excellence will then eventually evolve into Global Business Services.
In the next succeeding years, we will see a great leap for companies to catch up as they would want to synergize the effectiveness and efficiency of supporting services across the company including elements of shared services, outsourcing, off-shoring, and IT solutions. In addition, Information Management will play a big role in global business services as it can be implemented across companies all over the world.
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