Impact of COVID-19 on shared services and GBS has been added to Bookmarks.
Impact of COVID-19 on shared services and GBS
Captive and outsourcing service delivery implications
We conducted more than 40 in-depth interviews with global business services (GBS), shared services, and business process outsourcing (BPO) organizations—in addition to hosting virtual roundtables with 60 leaders—to understand their challenges and responses to COVID-19, as well as plans for the future. Explore five areas where conventional wisdom has been challenged, along with future opportunities.
- Conventional wisdom no more
- Five orthodoxies challenged
- From pandemic to thriving
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Conventional wisdom no more: Global business services and shared services have big opportunities
The post–COVID-19 pandemic world looks unclear, but for GBS and shared services organizations, one thing is clear: Conventional wisdom and long-held “orthodoxies” have been challenged during the pandemic, requiring many changes—many of which may have led to better performance. As the world eases restrictions, the new GBS and shared services normal will likely include operational practices that were previously thought to be impossible. We anticipate that most of them will “stick,” then expand.
While the actions many companies took were borne of business necessity, they can speak to new ways of working—new ways that may enable GBS and shared services organizations to not only survive, but thrive in the post–COVID-19 pandemic world:
Five orthodoxies challenged, with a view to the future of global business services and shared services
Despite differences across the organizations we spoke with and gleaned insights from, most expended significant effort to respond to the situation brought about as a result of COVID-19. Consequently, there are now learnings to consider when pivoting toward the “new normal” that can help organizations thrive in the future.
From pandemic to thriving: GBS and shared services organizations moving forward
It’s been said that it’s always important to expect the unexpected. As demonstrated by the disruptions caused by the COVID-19 pandemic, this may be very good advice.
While it is difficult to plan for every contingency or event that can disrupt the global economy and the way that day-to-day business is conducted, the COVID-19 pandemic has provided some insights into future opportunities for organizations to consider as they seek to thrive in a “new normal.”
Organizations should look to the future to increase virtual work, expand scope in remote delivery models, revamp BCPs, automate and enhance security, and build greater business resiliency to help be better prepared for any future crisis and thrive.
Watch the webcast replay: Reimagining finance service delivery in light of COVID-19