Shared Service Transformation With Technology
Peter Drucker said, “There is nothing so useless as doing efficiently that which should not be done at all”. As shared services evolve more and more towards outcome-based models, there are two major transformations that are being invested in – process re-engineering and process automation. As competition to drive revenue growth becomes fierce, enterprises are continuously looking for ways to bring down the overall cycle time to process and consequently costs, in order to drive improved performance. Digital is increasingly empowering enterprises to do more with less and drive significant transformations. The number of shared service centers (SSC) is significantly increasing. In addition, enterprises are also looking to expand their existing SSC’s to include additional processes. Digital technologies such as robots, intelligent automation, information management, chatbots, and other technologies are enabling to deliver shared service agendas. As per some recent research, 52% of new Global In-house Centres (GIC’s) supported digital services. SSC’s that are ahead in the maturity curve delivered twice as much revenue growth impact via digital initiatives versus the rest. They also delivered a 50% increase in process accuracy and a 35% increase in employee productivity versus the rest.
What has made this change possible? The key success factors are really in the digital agenda that these SSC’s are driving that enables them to generate significant competitive capabilities and consequently enterprise performance. In the last few years, emerging technologies have been at the forefront of this transformation enabling enterprises to innovate in terms of scaling processes, delivering a superior experience to their stakeholders and improving cycle time.
Let us look at some key technologies at the forefront of such change within shared service processes: