Businesses waiting for a let-up in difficult trading conditions could be sitting twiddling their thumbs for a long time. Spin the wheel and wherever it lands – geopolitical turmoil, labor shortages, spiking inflation – businesses haven’t known relentless stress like this for a long time.
Shared Services Centers, the backbone of any organization, find themselves leant on more than ever. Those providing the best support need to go beyond just delivering on efficiencies and cost reduction; they need to control cost exposure, accelerate digital capabilities, and increase purchasing power.
That’s because in an inflationary environment, doing even more with even less is the name of the game. Shared Services Centers are rising to the occasion by focusing on optimized processes according to The State of the Shared Services & Outsourcing Industry Global Market Report 2023.
Some 87% say end-to-end process integration is a priority. It highlights what we all know: efficient ways of operating depend on understanding exactly how processes, people, and technology work together.
Join our upcoming webinar with SSON to learn how process mining smashes cost reduction targets and finds & delivers on the value opportunities hiding in and between your processes. Register here.
Armed with process mining-driven insights into how their businesses run, Shared Services Centers can optimize what they do and deliver high quality, efficient services. All while pioneering new technologies and digital processes. Operating margins, working capital, and customer experience all stand to benefit.
Truly optimized processes are those that have been mined to see how they run, and then corrected accordingly. Automation, undoubtedly, sits at the heart of this correction process. The vast majority (88%) of Shared Services Centers view automation as crucial to process optimization, reports the SSON.
At Celonis, we’ve seen customers use process mining and our Execution Management System to resolve invoice backlogs by drilling into root causes, and then apply automation and billing orchestration to trigger the most suitable follow-up action. One of them has unblocked millions of dollars in revenue and massively reduced cycle time in Order-to-Cash.
In Accounts Receivable, Shared Services Centers can also use process mining to spot the root causes and impact of customer disputes before they happen. Customers served by Shared Services Centers using process mining should rapidly see and feel an upgrade in how they’re treated. Reactive customer support becomes a thing of the past, with proactive service swiftly replacing it.
Shared Services professionals can also use process mining in Accounts Receivable to ensure invoices are paid at the best time, every time. At Celonis, we’ve had customers do this and win big with optimized working capital and warmer supplier relationships. Shared Services Centers early on in their end-to-end process journey (almost three-quarters, according to the SSON) can take inspiration from those that have been there, done that.
In possession of the data and insight needed to take impactful action, Shared Services teams use process mining to secure rapid returns on investment, alongside capturing exponential value across core processes. Think less cost center, more innovation center.
Nailing end-to-end process integration will see Shared Services Centers smash traditional cost reduction objectives while expanding their service catalog – allowing them to prove their broader strategic value to the business as a whole. With the wheel of difficult business conditions still spinning, digging into the SSON Global Market Report would be a great place to start.
Register here for our upcoming webinar on expanding the SSC service catalog and becoming the heroes of cost reduction – with Barbara Hodge, Global Editor, SSON Research & Analytics.
This article originally appeared in The State of the Shared Services & Outsourcing Industry Global Market Report 2023.