4 Shared Services Trends That Can Help Boost Your Business

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Shared services is a way of uniting specific tasks done by different divisions in a multi-organizational company. Shared services such as human resources, information technology, help desk, and data centers provide specific operations to all divisions within a company. It maximizes the business’ operations, eliminating repetitive tasks and increasing a company’s income.

The introduction of shared services has helped shape today’s business landscape. It provides an even playing field, especially for smaller businesses to compete with traditional and bigger companies. Shared services improves a business’ workflow, increases productivity and cost-efficiency. When done properly, shared services can help a business reach its expansion in a short time. But while more and more companies are jumping on the shared services bandwagon, there are still a number of enterprises which are cautious in taking the leap to this kind of workflow system.

We list down 4 major trends in shared services today and how they can help boost your business. 

Robotic Process Automation

One of the biggest trends for shared services is the integration of robotic process automation. By automating basic routine tasks, the company is able to do more at half the time it usually requires its employees. Using robots and machines also lessens human error, eliminating the need to redo certain tasks. Delegating manual labor to robots eliminates waiting time, as machines have no need to use the bathroom, do not get sick and have no need for vacations.

Automating certain operations saves time and money, earning more profit and savings for the company. An automated workflow also allows employees to focus on more streamlining other process that can help the company meet its main work goals.

Related: A Review On the Industrial Robotic Arm

Data and Analytics

Instead of just merely accomplishing specific tasks, shared services have evolved and included organized data collection and analytics. Constant exchange of information allows shared services operations to gather and check data to help the company further. By analyzing the data, companies can evaluate their performance and name their strengths and weaknesses. Through analytics, they are able to predict the future of the business and prepare effective strategies to solve problems that may arise.

Regional and Global Hubs

In the past years, companies have begun to implement the globalization of shared services. For businesses that cater to a number of locations around the globe, shared services can usually be found in areas with a large pool of resources, low labor costs and a majority of English speaking individuals.

In order to better cater to specific needs of its clients, global shared services are now being paired with regional hubs. These regional centers have their own structured work process and are highly essential for a company, especially if the projects are time zone dependent and in places where there is a major language barrier. Delegating tasks to regional centers lets the global shared services center achieve higher quality of work and build more on its expertise to better serve the business.

Tech Savvy Workforce

Aside from utilizing state-of-the-art machines and other advances in technology, shared services now have the advantage of a tech-savvy workforce. With more graduates stepping into the workforce, companies could easily benefit from their knowledge and skills. The young workers of today are usually dynamic and imaginative when it comes to thinking up more effective workflow solutions involving advanced robots and machines. They are also highly adept in utilizing social media to help the company reach its core goals in the digital landscape. Businesses can benefit from incorporating the unique perspective and ideas of this type of workforce.

Shared services bring with it several advantages for small and big companies alike. With new trends such as robotic automation, analytics, regional hubs and a technology driven workforce, shared services operations can help businesses to strategize and plan better for their future growth. By utilizing these shared services trends, companies can be a step ahead of their competitors, thus ensuring their business’ longevity and success.