Establishing a shared service center
What is a shared service center?
Implementing a shared service center makes organizations capable of gathering certain activities across departments and business units. A shared service center centralizes functions that were once performed in separate locations or divisions and can provide organizations with a competitive edge that improves processes and reduces time spent on processes. The services that are often shared between business units include finance, purchasing, inventory and payroll.
Implementing a shared service center
Establishing a successful shared service center can streamline processes and the time spent performing these significantly. Moreover, staff can be freed up to perform other tasks of greater benefit to the organization and thus improve the overall performance.
Companies that implement a shared service center often enjoy significant cost savings by standardizing practices and procedures, benefiting from the mechanisms of economies of scale. Shared service centers are not only able to save an organization for time and money, they can also improve the quality of the involved services. Moreover, implementing best practices can be a benefit for everyone, leading to more skilled staff and a more harmonized organization.
Shared service centers have evolved into more flexible and comprehensive tools that can match the needs of the individual organization in place, improving processes, generating profits and reducing costs. The center should be designed to match the exact needs of the organization at hand.
Not all organizations who have implemented a shared service center utilize the full potential that it entails. Many shared service centers merely undertake the processes and controls as well as the documentation requirements, which has been embedded in the separate locations. Consequently, many resources are spent on creating reporting based on local approaches instead of a top-down based approach.
Efforts to ensure an efficient and well-functioning shared service center should therefore be in place and objectives should be made to maximize the outcome. Organizations that consider implementing a shared service center often view it as a process linked to significant risk. This can be in relation to the implementation, execution and sharing of information across departments. However, if choosing a reliable provider and a thorough implementation plan, implementing a shared service center will be entirely beneficial.
A secure and flexible shared service center
With Impero, it is easy to share control templates throughout the organization and addition of entities can be done with a few simple clicks. Using Impero at a shared service center makes sharing documents across entities painless and quick. Providing entity auditors and others with access to controls and documentation is easy and secure – they can only view what they are given access to. In the Impero solution organizations can set up reporting dashboards on both company and aggregated level, making it possible to gain overview of different levels. Impero enables standardized processes and controls, which is often essential when making the business case for a shared service center.
Impero is a Danish software company that offers an intuitive cloud-based compliance solution with a unique and light-weight approach. The solution is helping companies stay in control in various areas including risk and control, month-end close and GDPR.