What are shared services in business?

Shared services is the provision of a service by one part of an organization or group, where that service had previously been found, in more than one part of the organization or group. Thus the funding and resourcing of the service is shared and the providing department effectively becomes an internal service provider.

What is shared services unit?

Shared services or shared services center (SSC) refers to a dedicated unit (including people, processes and technologies) that is structured as a centralized point of service and is focused on defined business functions.

What is the role of shared services?

Shared services is the consolidation of business operations that are used by multiple parts of the same organization. Shared services are cost-efficient because they centralize back-office operations that are used by multiple divisions of the same company and eliminate redundancy.

What is the difference between BPO and shared services?

BPO is the process of engaging a third-party vendor with the right skills and resources, to carry out work on your behalf. Shared Services relates to the creation of an autonomous business unit, based on-site, which carries out these processes for multiple functions within an organisation (HR, Finance, procurement).

What is a shared services manager?

As a Shared Services Manager focusing on multi-function shared services and global business services programs, you will work closely with our clients, providing Consulting services on the design, build, and implementation of shared services strategies that can help enhance business performance.

What are examples of shared services?

8 Examples of Shared Services

  • Human Resources. Business capabilities such as human resources are commonly run as a shared service.
  • Information Technology. Operational capabilities such as an internal IT department.
  • Help Desk.
  • Data Centers.
  • Project Management Office.
  • Information Security.
  • Tools.
  • Platforms.

What is SSC in accounting?

A shared services center – a center for shared services in an organization – is the entity responsible for the execution and the handling of specific operational tasks, such as accounting, human resources, payroll, IT, legal, compliance, purchasing, security.

How do I manage shared services?

Venkataraman has 10 tips for successful shared-services implementation:

  1. Create a road map. Get buy-in from senior management.
  2. Invest in change management.
  3. Don’t bank all your savings.
  4. Fix processes.
  5. Design the retained organization.
  6. Don’t increase the number of handoffs.
  7. Focus on risk management.
  8. Move quickly.

What is a shared services structure?

Shared Services refers to a group of centralized, non-revenue-generating operations that support multiple divisions, or lines of business, of the company.

What is the difference between GBS and shared services?

Traditional shared-services organizations focus on supporting tasks associated with a single function only. By contrast, GBS groups comprise specialists from multiple functional areas—IT, finance, human resources, and the like.

What does a VP of shared services do?

The Vice President of Shared Services provides executive leadership of the key strategic functions of finance, human resources, information technology & services, compliance, risk management, procurement, security, and administration.

What is SSC and BPO?

BPO/SSC is the abbreviation from Business Process Outsourcing and Shared Service Centre and means performing business processes for global corporate clients. Nowadays BPO/SSC is used by almost all the largest corporations in the world as well as more and more medium companies.