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What are shared services? How does a shared service business model work? In this article, we will be breaking down everything you need to know about shared services. Are you trying to build a request-centric operations model that places an emphasis on simplified customer experience? We will be exploring the key benefits of adopting a shared services model.
There has never been a better time to start exploring the consolidation of business operations. The best customer experiences are often simplified by a smooth operational structure. Taking a centralized approach to operations can often be more cost-efficient than giving the user multiple points of access - and lead to fewer headaches for those managing daily requests.
When you have multiple divisions in the same company operating separately, it’s not always easy for employees to navigate around the various divisions to get their solutions fulfilled. A general lack of organization from the service providers can result in a convoluted internal experience. Fortunately, a shared services model will bring order to your daily operation.
We will be answering the following questions:
As always, after reading this article, if you have any further questions about the shared services business model, please feel free to reach out to us. At StartingPoint, we are always excited to speak with business owners that are committed to streamlining their operations and taking their customer experience to the next level. These people are the real rockstars!
So, what are shared services and why do they matter? Without wasting any time, let’s dive straight into defining this operational model.
Shared services are best described as the consolidation of business operations that are used by multiple areas of the same company or organization. A shared services model is considered to be cost-efficient because it can centralize back-office operations that are typically used by many different divisions of the same company and eliminate operational redundancy.
Shared services will have the mindset of a fully optimized business and view the rest of the company as their customers. As an organization built around delivering services, these people are accountable for balancing the cost of delivering value while maintaining strong service levels. Alongside this, they are tasked with identifying ways to leverage the operating model.
This operating model is constructed around three crucial components: people, process, and technology. Even though the centralization of services is an important part of shared services, the focus is also on a much broader objective. Shared services should help to gain efficiencies far beyond the consolidation of operations - promoting a culture of continuous improvement.
This is where technology comes into the equation. The potential for automation technology to dramatically improve an organization’s operations is too great to ignore. The methodology of continuous improvement, promoted by the shared services model, can help to standardize processes through the use of automation technology.
Here are the key benefits of having a shared services portal:
There are many examples of shared services across various organizations. Human resources is commonly run as a shared service. This gives organizations the ability to manage the legal and compliance risks from one single center of competency. When a human resources department operates as a shared service, this can help to reduce costs and eliminate repetition of effort.
Help desks can also operate as a shared service. Having a single point of contact for support with IT issues will ensure people from across multiple departments in an organization are offered adequate levels of assistance. When it comes to IT compliance and security, there’s very little room for error. This is why it’s important to have access to the right professionals.
StartingPoint can help companies and organizations to manage shared services by simplifying operations. With our software-as-a-service solution, you can effectively drive streamlined communication across multiple teams in a single portal, keeping everyone on the same page. You can also securely allow team members to upload, store, and internally share files.
While shared services operate as an internal function, BPOs (otherwise known as Business Processing Outsourcing) are external vendors providing services to organizations. Both BPOs and shared services have their advantages and disadvantages. The greatest advantage of a shared service unit is that it will clearly align with your company’s business objectives.
When you build a shared service unit inside an organization, the division must have everything it needs to ensure success. We believe StartingPoint provides shared services with a strategic advantage from the outset. With workflow automation and team management features, this operations and experience platform will promote efficiency across your organization.
Adopting the shared services model isn’t always plain sailing. There will be hurdles that your team will need to overcome. Here are the common mistakes that organizations make when implementing this model into their operations:
With the support of StartingPoint, your shared services unit can hit the ground running. Our software has been simplified for non-technical business leaders and teams for ease-of-use.
Are you ready to get started? Request a 14-day free trial today.
