Shared Services
Shared Services
Executive Overview
A shared service is the consolidation of business support functions essential to an organization that are performed throughout company operations within a single center of excellence. The shared service function may be performed internally or by an outside provider. The primary reason that organizations establish shared service organizations is to reduce costs and improve customer service for both internal and external customers.
- Soltec has significant experience in transforming highly decentralized business support functions into centralized customer-focused organizations in the following areas:
- Customer Service
-
Accounting
- Accounts Payable
- Credit & Collections
- Payroll
- General Accounting
- Sales & Use Tax
- Accounts Receivable
- Soltec’s experience in assisting complex organizations implement shared services ensures a successful implementation for your organization that realizes all potential benefits of the shared service as well as appropriate Best Practice Solutions™.
IMPACTS
- Personnel concerns and issues must be given high priority throughout the implementation process
- Analyzing the skill levels of the present workforce is required to successfully implement shared services. Plus, the consideration of programs to enhance attrition may be needed to achieve the efficiency goals
- The roles & responsibilities of the Shared Service organization and other business activities should be clearly defined in writing
- The Shared Service organization must be held accountable to agreed-upon metrics in order to be effective
- Shared Services rely on computer systems and electronic communication in handling responsibilities, the support of Information Technology activities in the restructuring process is essential
BENEFITS
- Creates critical mass for change
- Improves the ease of implementation of process/policy changes
- Increases functional expertise
- Reduces costs (People, Systems) by up to 60%
- Improves Working Capital
- Improves internal control and SOX compliance requirements
- Increases professionalism and service levels for internal and external customers
- Improves information access and consistency
- Improves data quality
- Enhances business unit’s ability to focus on core competencies
