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Benefits of Implementing a Shared Services Center in Your Organization

Do you want to increase productivity and streamline your company’s operations? Think about setting up a shared services center in your company. You can gain a lot by centralizing common tasks like accounting and finance, and this will promote success and growth. Shared service models have evolved over time, moving from being centers for operational excellence-driven cost reduction to being multifunctional value generators through process innovation. A shared services center is the body in charge of carrying out and managing particular operational duties, including payroll, IT, accounting, HR, legal, compliance, buying, and security. In a shared services system, when several help desks collaborate to function, these are some of the key aspects that come together: 

  • IT services include data management and storage, application development, infrastructure support, information security, and cyber resilience.
  • HR services include onboarding, vacation days, vacations, and any other services that HR offers.
  • Accounting, accounts payable, accounts receivable, budgeting, charging, procurement, and other financial operations within the company are all included in the category of service center finance or shared service accounting services.
  • Services related to facilities such as building upkeep, repairs, and security

This center aims to streamline processes, improve efficiency, and reduce costs by centralizing these functions.

Benefits of implementing a shared services center in your organization

Let’s further discuss how this center can be helpful for your business organization:

A more calculated method to assist: As it is used by all business divisions, a shared service center places service delivery at the heart of the company. Nothing can be misplaced, overlooked, or forgotten about, as it serves as a focal point of communication.

Savings: Through economies of scale, a shared service model can drastically cut costs by pooling resources. With its help, duplication is eliminated and budget utilization is maximized when functions are centrally located.

Concentrate on what matters: By shifting operations to a shared service provider, a company can improve performance by focusing on its strategic goals and core capabilities.

Flexibility: Shared services provide businesses the freedom to scale up or down as needed without having to make major adjustments to their organizational structure or go through a number of formalities to obtain the resources they need to support a project.

Effective enterprise service delivery: You can standardize procedures, equipment, and methods of operation throughout the company by centralizing support. Faster decision-making and problem-solving will be possible as a result of the elimination of silos and duplication and improved working relationships.

Continuous enhancement: Shared service centers can operate as a focal point for sharing and improving creative concepts, industry best practices, and honed workflows.

Best user experience: Regardless of their location or business unit, colleagues enjoy a more uniform support experience throughout the organization.

Assistance in exchanging knowledge: Centralized knowledge and data are made possible by shared services, which provide better reporting and more informed decision-making.

If you really want to get an ideal shared service center, then you should definitely think about Mynd Integrated Solutions Pvt. Ltd. Mynd is a major global provider of business process outsourcing and technology management services—community. Founded in 2014, Mynd offers cutting-edge F&A and HR solutions to various clients, ranging from small firms to Fortune 500 companies. With over twenty years of experience working with firms across various industries, its experience has led it to develop unique processes as well as bundle services for different industries, such as: 

  • QSR
  • Retail/E-Com
  • Healthcare
  • Hospitality
  • Telecom
  • Automobile
  • Manufacturing
  • Facility Management 

The services and products offered by Mynd are also made to recognize, match, and address the demands of Enterprise 4.0. 

It does all this with its:

  • Business Automation
  • Finance Solutions
  • HR Solutions
  • Industry Specializations

 Mynd’s Shared Service Center provides a special combination of front-end and back-end office functions together with enlarged services and technological platforms to take advantage of cloud, mobility, and analytics capabilities.

Here are the key points of Mynd’s Shared Service Center:

  • Leveraging Technology: Mynd’s shared services center utilizes advanced technology to achieve world-class performance.
  • Innovative Solutions: It focuses on creating innovative structures, strategies, and simple solutions to complex business problems.
  • Focus on Finance and Accounting: The center handles specific operational tasks and transactional issues in the finance and accounting domain.
  • Centralized Services: It operates as a multi-functional unit that provides a centralized point of service.
  • Customization: Mynd offers customized processes tailored to the specific needs of each business.
  • Efficiency and Value: The goal is to improve efficiency and add value to the overall financial system.
  • Financial Expertise: Financial reporting and control activities are enhanced by concentrating specialized skills and knowledge within centers of excellence (COEs).

The organization in charge of handling certain operational tasks, such as payroll, IT, accounting, HR, legal, compliance, purchasing, and security, is known as a shared services center. As we have seen, Mynd has proven itself to be a reliable shared service center for finance or any other business-related services.

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