01 February 2017
Shared Services are a means to recast overall business strategies to meet the competing demands of cost cutting and downsizing, while promoting shareholder value, quality and improvements in customer service levels.
The initial shared service centers models were focused upon transaction processing functions such as accounts payable, payroll and data entry. Later expanded to a broader concept of an organization wide shared services model aimed at the provision of improved internal and support service levels across the company.
What is Shared Services?
Shared services focus on customer satisfaction, efficient service delivery and value creation, through the establishment of service level agreements (SLA) and continuous process improvement.
Combining of all those activities that are routine and transaction in nature:
Reducing transaction & service costs, as well as improved customer service levels.
Lower labor costs and a proportionate greater reduction in staff for the same output. Direct costs may be reduced by up to fifty percent. However, twenty is near the average for transaction activities.
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