Shared Services

Services

Shared Services

  • Top down decision to move to Shared Services for other functions
  • High cost of Finance
  • Dispersed Finance function
  • Low customer satisfaction
  • No clear vision for Finance
  • Inefficient and non standard processes

Drivers of Change 

  • Lack of automation, low process standardisation
  • Lack of understanding of end-to-end finance processes
  • Customer complaints about reliability, relevance and accessibility of data
  • Processing errors, delays, control breaches
  • Process improvement initiatives do not deliver benefits
  • High staff turnover and employee dissatisfaction
  • Skill gap on various levels
  • Slow and heavy close process

Common Symptoms 

  • Reduced overall cost of Finance
  • Best practice processes across the Finance organisation
  • Economies of scale
  • Automation and standardisation of processes
  • Increased quality of information and improved decision support
  • Reduced distractions lead to more focus on business issues
  • Increased customer satisfaction and better relationship management
  • Improved governance and compliance
  • Maximisation of IT technologies
  • Leveraging from specialist skills
  • Continuous improvement and performance management culture
  • Greater span of control
  • Better skills and talent management, opening up a career path

Benefits and outcomes