Success Through Shared Services: From Back-Office Functions to Strategic Drivers

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If you think the book has already been written on shared services, think again. With the renewed emphasis in recent years on profitability as the key corporate metric, “forgotten” functions such as finance, human resources, procurement and IT are back in the spotlight. They are not only being viewed as sources of cost efficiency, which has been the traditional focus, but also as tools for corporate strategy and competitive advantage.

But turning these functions into strategic value drivers can be as difficult as spinning straw into gold. Indeed, companies have adopted a variety of approaches, from simple cost reduction and consolidation to discrete outsourcing and offshore strategies. Inconsistent approaches, however, have led to equally inconsistent results. Benefits are available, but, in many instances, they are less than ideal and frequently short lived.

In this paper, we highlight why shared services are a proven method to deliver value in the support services field. We explore the factors that are currently driving this renewed focus on back-office functions, explain the key to creating a successful shared services program, and discuss how to steer clear of common pitfalls. Finally, we peer into our crystal ball and forecast the back office of the future and the next generation of shared services.

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