Digital Transformation is Shared Services Priority
Enterprises have had to act swiftly to ensure the safety of their employees and their community in the wake of the COVID-19 pandemic. Every organization has had its business continuity and resilience plans tested. Pre Covid-19, one of the biggest barriers for digital transformation that the large enterprises faced was the people lacking the right mindset to change. However, enterprises now understand that digital transformation is no longer a nice-to-have, it’s critical to the survival of the business. According to a recent report, 80% of organizations now think that digital transformation is currently a priority, and 50% have a ‘tactical roadmap for digital planning and prioritization.
The next substantial leap for shared services centres is to provide digitalized solutions to enhance the back-end functionality of the organization leading to a reduction in process time and costs. By integrating automation, AI, data analytics, and other digital technologies into their operations, shared-services organizations can enhance the existing system and processes globally.
The existing solutions can process only simple transactions; they are inadequate in a digital world that requires timely, more frequent, and increasingly complex customer and vendor interactions. Organizations with an existing shared services model can overcome this problem by emphasizing less on simple manual tasks and concentrating their efforts on formulating and implementing efficient and customer-friendly service options.
Let us look at some key technologies at the forefront of such change within global shared service processes: