While processes like AP, AR, and general accounting tend to have a high degree of centralization, highly analytical processes like planning, budgeting, and forecasting are the least centralized. of a financial services firm ... agencies are reported as key organizational risks for shared services (KPMG, 2005). They also configure server backups, monitor network use statistics and loads, and implement contingency plans to minimize network and system downtime. The Systems Analysis Group works with end users, business unit managers and customers to understand business needs and develop requirements and specifications for systems and applications. are created, shared, organized, stored and secured. In some cases, Shared Services organizations may also perform Procurement, Legal, and Information Technology-related tasks as well. The current organization structure of the group is functional with the hospitality division organized geographically. Moving process ownership and governance out of functional silos or departments can be hard work, DeMent noted, “but we noticed that end-to-end processes were delivering a lot of non-labor savings for organizations. The Procurement function purchases products (raw materials, components, large machinery, software, etc.) The Accounts Receivable, or A/R, function is responsible for collecting payments from customers or clients for goods or services provided. related to company systems. The group creates schedules, defines the scope and budget (usual project management tasks) and oversees IT projects from end to end. The general ledger is the main source for all of the company's financial reports, so it is important that the Financial Controller and other staff accountants keep an organized record of all credits and debits (a double-entry general ledger 'journal'). Business intelligence dashboards and analysis to improve management capabilities. “Often, the finance function is saddled with the task of saving cost across the entire organization,” DeMent explained. They manage distribution channels and delivery methods to reduce "hidden" costs associated with purchasing, including the transportation and storage of purchased goods. The three main focuses of the Training and Development Group are, not surprisingly, employee training (current job), education (future job) and development (continued success). Company size is balanced across the revenue profile, with median revenue of $7.8 billion. “When we think about the overall shared services model,” Robinson explained, “we don’t just include the business transactions but also consider centers of expertise as part of the broader group. The Internal Audit & Compliance Group is responsible for overseeing a company's financial operations to ensure that they are in line with internal and external policies and regulations. Common Procurement job titles: EVP/SVP of Supply Chain Operations, Chief Procurement Officer, Director of Strategic Sourcing. KPI definition, data wrangling and standardization to maximize your tech investments. [[DownloadsSidebar]] All eyes are on corporate-finance departments as they are asked to cut costs, reassess risks, and cope with the deep uncertainty generated by the current economic crisis. A shared service organization can consist of several shared service centers, located across the globe. Shared Services organizations typically include Finance, Master Data Management and Human Resources. This report will also Financial intelligence that business can depend on 6 turning the finance pyramid on its head 7 The intelligent finance function 12 Lean finance — Foundation for success 14 Shared services — Catching the next wave 18 Reliable forecasting — Expect the unexpected 24 … The Benefits and Compensation function concerns itself with employee compensation (wages, salaries, bonuses) and related benefits, such as health insurance, life insurance, 401Ks and other benefits (financial or non-financial). Chief Financial Officer data to compare their current HR structure to that of their peers. In other words, shared services can contribute to bottom-line decisions that make or break performance, and become a competitive differentiator for the company. design COEs to report to the head of shared services, who is also responsible for the service center. It all depends on the context. The study was designed by ScottMadden and surveys were administered by APQC over four cycles: spring/summer 2014; spring/summer 2015; summer/fall 2016; and spring/summer 2018. Legislation such as the Sarbanes-Oxley Act of 2002 has increased pressure on finance functions to improve reporting performance and internal audit quality/frequency. After a need is identified, the Procurement Group is responsible for identifying and screening potential suppliers, selecting a supplier, negotiating terms of payment and arranging any logistical concerns (shipping, delivery, installation, training, etc.). They use research and user testing to fine tune applications to meet specific, detailed use cases. We help our clients develop high performing, cost-effective finance functions with streamlined and standardized processes that focus on adding insight to the business while delivering effective controls and increased efficiency. The finance department is often tasked with looking for ways to become more efficient and, for large organisations, this approach is often the answer to achieving economies of scale for the finance … They set up hardware and software, troubleshoot technical issues and perform root cause analysis to reduce instances of technical problems. Centers of Excellence (COEs) for all major transactional processes were created to promote efficiencies, develop our people, enhance career paths, promote sustainability, and improve controls. 404.814.0020 email@example.com. In some cases, the Tech Support Group may also be responsible for hardware and software procurement and asset management (licenses, warranties, etc.). Learn more about our Corporate & Shared Services practice area. Supplier performance criteria can include on-time deliveries, material quality, consistent pricing levels and request for quote response times. They constantly measure results and revise procurement strategies to create a competitive advantage, reduce procurement costs and improve overall supply chain performance. The Budgeting and Forecasting Group is responsible for producing and assessing a company's budget by calculating the variance between planned and actual costs. Area definitions, KPI examples and common job titles for a variety of industries. However, Sawridge is facing challenges in this function with the rapid growth in the company. It's a massive organizational change that demands a … For DeMent, these numbers are indicative of stronger relationships between top-performing SSCs and the business unit: “There’s less reliance now on top-down leadership councils and more trust in shared services operations to deal, on a daily basis, with the business units, service level agreements, and through the global process owners.”, Organizations are increasingly moving to end-to-end processes to improve organizational agility, link processes and work to customer value, and create sustainable process improvements. Common User Support & Services job titles: Technical Support Specialist, IT Support Administrator, Desktop Support Specialist/Analyst, Help Desk Support Technician/Associate. “Shared services is a key tool for saving cost, not only in finance but also in HR, supply chain, IT, and other functions.” Figure 1 shows that while the majority of SSCs in both groups report to the organization’s finance executive, more top performers do so than the comparison group (77 percent versus 52 percent). This framework helps finance leaders establish the base paradigm for activity location – middle office activities of low complexity should be moved into shared locations unless there is a well documented reason for exception; even those activities with medium complexity but broad impact should be considered for a shared location; activities with high complexity should be owned either by the … The Forecasting Group also produces 'what if' scenarios to prepare the company for a variety of possibilities. Organizational structure, chart . Much like walking a bull through a china shop, opening a shared services center isn't something you can do discreetly. Common Vendor Compliance & Audit job titles: Procurement Specialist, Procurement Compliance Specialist, Compliance & Risk Officer, Compliance Specialist. “Often, the finance function is saddled with the task of saving cost across the entire organization,” DeMent explained. Some clients/customers may be extended a line of credit. While top performers generate greater savings in the top, median, and bottom quartiles than the comparison group, the top performers in the top quartile save twice the amount of non-labor savings against the comparison group. Common Vendor Identification & Management job titles: Vendor Management Analyst, Vendor Management Specialist, Vendor Manager, Vendor Relationship Manager. Common Mergers & Acquisitions job titles: Staff Attorney, Business Analyst, Acquisition Analyst, Financial Analyst. 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