Common Internal Audit & Compliance job titles: Auditor, Compliance Resolution Analyst, Financial Compliance Analyst, Internal Audit Manager. In January of 2019, ScottMadden’s Brad DeMent and Trey Robinson delivered a webinar to discuss the results of the latest finance shared services benchmarking study. The goal of this type of shared services organization (SSO) is to operate under a unified, joint and capability-centric organiza-tional model that manages all shared services processes end to end, including both outsourced and internally retained processes. Common Benefits & Compensation job titles: HR Compensation Analyst, HR Benefits Analyst, Payroll & Benefits Administrator, Benefits Manager. In some cases, the group may train existing employees to take over new positions. This function manages and makes decisions related to compensation packages, staffing levels/requirements, employee performance management and minority representation. Common Logistics Management job titles: Logistics Specialist, Logistics Coordinator, Logistics Analyst, Supply Analyst. The Database Engineering and Management function is responsible for the conception, modelling and creation (i.e., programming) of a database, as well as data analysis, database documentation and administration of the database. Common Recruiting & Hiring job titles: Recruiter, HR Assistant, Recruiting Specialist, Recruiting Coordinator. In a financial-services setting, for instance, the shared-services organization might be charged with processing loan applications or insurance claims. But all too often all those gains are overshadowed by an inability to assess exactly how successful the SSO is proving, caused by a lack of proper measurement of existing service levels and operating costs before beginning a shared service implementation. The current organization structure of the group is functional with the hospitality division organized geographically. By reporting to the shared services organization, COE leaders ensure consistency in the shared services delivery model. Finance and accounting functions are managed as a service, measured from an efficiency and productivity perspective. Common Intellectual Property job titles: Patent Researcher, Knowledge Management Specialist, Intellectual Property Counsel, Intellectual Property Attorney, Intellectual Property Licensing Specialist, Patent Counsel. This centralization (i.e., employees grouped in a single, central location) of support services allows these resources to be "shared" across the organization, and are typically associated with lower costs, higher productivity and increased standardization of work processes and outputs. When clients/customers fail to meet these terms, they are referred to the Collections Department (or a Collections Agency) and may face additional fees or penalties. The Strategic Sourcing function develops overall company procurement policies and standards while constantly striving to improve the performance of purchasing functions. The most popular KPIs used in SSCs measure the number of invoices per FT… KPI definition, data wrangling and standardization to maximize your tech investments. Finance groups oversee incoming and outgoing payments, budget creation, cash management (treasury), accounting, financial reporting and many other tasks related to the finances of the company. As common in the hospitality industry with full service hotels, the Accounting and Finance function is also managed geographically. In some cases the HCM function is also responsible for maintaining HR information systems, such as PeopleSoft, Workday, or Taleo. They constantly measure results and revise procurement strategies to create a competitive advantage, reduce procurement costs and improve overall supply chain performance. 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 Litigation Management Group performs the traditional courtroom work associated with lawsuits on behalf of the company. Data and analysis from the finance shared services benchmarking study shows that: The study population is robust and diverse, with 468 organizations participating. Common Legal job titles: Chief Legal Officer (CLO). The Benefits and Compensation Group sometimes also manages incentive-based compensation programs. are created, shared, organized, stored and secured. Shared Services refers to a group of centralized, non-revenue-generating operations that support multiple divisions, or lines of business, of the company. The IT Management and Administration function oversees IT initiatives to ensure that all technology-related projects run smoothly and align with overall company strategy. They are also responsible for ensuring that the company does not infringe on the intellectual property of other companies or individuals. Figure 6: Process Centralization within SSCs. We invite you to learn more about our expanded firm. Common Information Technology (IT) job titles: Chief Information Officer (CIO), Chief Technology Officer (CTO). They analyze market conditions to develop criteria for vendor/supplier certification, monitor demand for certain goods or materials to produce forecasts and implement supply structures. They work to ensure that supplier contracts have well defined performance criteria that can be tracked throughout the life of the contract to determine if the supplier is meeting their end of the bargain. Common Human Capital Management (HCM) job titles: Human Capital Management Consultant, Human Capital Management Analyst, Human Capital Management Specialist, Human Capital Management Associate. Common IT Procurement job titles: Purchasing Agent, Procurement Officer, Procurement Specialist, Associate Director of IT Procurement. Presentation-ready benchmarking data, reports, and definition guides. Most SSCs have one or more teams that answer questions from employees, vendors, and other stakeholders. Beyond reducing work, these processes translate to fewer errors, reduced penalties, more discounts from vendors, and even lower audit fees as things become more centralized.”. Human capital management (HCM) focuses on the practices and processes to manage people in an organization effectively. It's a massive organizational change that demands a … In some cases, an internal Corporate Legal Group may also handle intellectual property issues (trademarks, copyrights, patents), risk management and/or corporate governance. Purchase includes PDF and Visio (VSD) file formats. The Logistics Management function works with suppliers to facilitate the efficient and timely delivery of purchased goods. The group may also explore investment options for excess cash. Robust system and network security is especially vital in industries such as banking, consumer finance and insurance, where large amounts of private data (social security numbers, bank account information, etc.) The Forecasting Group also produces 'what if' scenarios to prepare the company for a variety of possibilities. Shared Services organizations typically include Finance, Master Data Management and Human Resources. High-value analytical services have made a significant appearance in this year’s survey: Processes like planning, budgeting, and forecasting; development/management of pricing; and developing a tax strategy/plan are increasingly moving from their traditional locations in centers of expertise to SSCs. Information Architecture (IA) refers to the structural design of data - database system architecture, naming/labeling conventions, definitions and standards for the collection, storage, retrieval and use of information. Common Accounting & Reporting (Controller Group) job titles: Bookkeeper, Certified Public Accountant (CPA), Staff Accountant, Accounting Analyst, Accountant. Also, a haphazard approach to upgrading technology might result in some combination of automated and manual processes, with accounting staff t… Organization encompasses governance, reporting lines, spans of control, shared services, centers of competence centralized vs. decentralized structures and outsourcing. This includes research, discovery, depositions, settlements and trial work. The IT Network Administration Group manages the company's technology 'backbone' - its data centers and networks. They work to research and define both the risks and advantages of purchasing or combining companies to achieve cost savings, expansion and improved capital structures. Area definitions, KPI examples and common job titles for a variety of industries. The Budgeting and Forecasting Group is responsible for producing and assessing a company's budget by calculating the variance between planned and actual costs. Shared Services Organization Chart Template. Both new and existing resources were utilized in this restructure. The IT Security Group is responsible for defining, communicating and enforcing technology-related policies, standards and procedures. The median first contact resolution rate is 80 percent, while SSCs in the top quartile resolve 84 percent of cases during first contact (Figure 7). The scope of the study covers the following topics for an in-depth analysis of financial shared service centers (SSCs): Delivery model, scope of services, staffing, location, performance, and technologies leveraged. Effective vendor screening can improve materials availability, overall product quality and manufacturing productivity. By continuing to use this site you accept our privacy and cookie policy. These higher adoption rates translate to much higher non-labor related savings among top performers, depicted in Figure 4. This group may also be responsible for maintaining infrastructure (servers, storage, memory, etc.) 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. Nearly all information technology projects involve procurement for hardware, software or services. Technology includes data and information management, infrastructure, development and support. “In our 2014 survey,” Robinson said, “the numbers were 75 percent for the median and 80 percent for the top quartile, so it’s clear that there continues to be improvement in this area.”, Figure 7: First Contact Resolution Rate for SSCs. They are tasked with mitigating risk related to internal and external data breaches and cyber attacks. In short, the HR Group is responsible for the attraction, training and wellbeing (to a certain extent) of its 'customers' - the employees of the company. 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. A Certified Shared Service Provider… USDA is a certified Shared Service Provider for both Financial Management Services and Human Resources Management Services. The A/R group is tasked with ensuring that payments are made within the terms outlined in the original invoice or contract (e.g., net 30 days). While some organizations continue to outsource expense reimbursements and other transactional processes, others are looking to automation to reduce costs before outsourcing. They use tools like SAP, Oracle and plain SQL databases to manage company data and produce reports. Figure 3: Percentage of SSCs with the Following E2E Processes in Scope, Figure 4: Amount of Non-labor Savings Generated from E2E Processes in the Finance SSC per $1 Billion Revenue, Non-labor savings from the implementation of end-to-end processes is nearly twice as high as labor savings (in the form of staff reductions or salary reductions, for example). Executive Vice-President Sony Perron. They manage distribution channels and delivery methods to reduce "hidden" costs associated with purchasing, including the transportation and storage of purchased goods. Common Treasury Management job titles: Treasurer, Treasury Analyst, Treasury Specialist, Treasury Operations Analyst. of a financial services firm ... agencies are reported as key organizational risks for shared services (KPMG, 2005). Common Data Governance & Control job titles: Data Governance Specialist, Data Quality Analyst, Data Analyst, Data Governance Program Manager. If you’re looking to build a business case for end-to-end processes, you might consider using these numbers to prove out the case.”. Common Shared Services job titles: Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Financial Officer (CFO), Chief Information Officer (CIO). Learn more about our Corporate & Shared Services practice area. Finance Automation / Finance Performance Management. Consolidating six accounting groups into one might mean replacing six sets of controls with one new set, for instance. Common Master Data Management job titles: Chief Information Officer (CIO), Chief Technology Officer (CTO). Financial Shared Services: Governance, Structure, and Scope. Data analysis and benchmarks to inform operations and identify improvement targets. This org chart template outlines the structure of a typical Shared Services Group, including Finance, Human Resources, Information Technology, Legal, Master Data Management, and Procurement.... Be the Alpha Dog of Business Intelligence! Common Business Intelligence (BI) job titles: Business Intelligence Developer, Data Warehouse Manager, Data Analyst, Data Scientist. The three main focuses of the Training and Development Group are, not surprisingly, employee training (current job), education (future job) and development (continued success). On the financial side, improving the performance of SSOs can lead to savings of 10 to 40 percent for expert functions, and 25 to 60 percent for transactional activities. “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 (7… Seal and Herbert (2013) conducted a case study that is exploring the concept of finance shared service centers within a multi-divisional organization. They process invoices, cut checks and manage relationships with creditors. We work step-by-step with clients to ensure each project’s success. by Nicole Sharon Schultz. The Tax function is responsible for managing and planning all tax-related expenses. 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). “Clients with strong BPO partnerships are often looking to outsource more of their processes and leverage that relationship to a greater extent, while companies who have not typically outsourced in the past are looking to automation first as a way to reduce cost before looking to outsource.” The top processes for outsourcing include: “When it comes to centralization,” Robinson said, “our clients tend to look for global approaches for the most transactional processes.” This centralization is reflected in the survey data, shown in Figure 6. Our team has extensive experience with insurance and financial services financial management and operations. Common Vendor Identification & Management job titles: Vendor Management Analyst, Vendor Management Specialist, Vendor Manager, Vendor Relationship Manager. The Recruiting and Hiring function attracts, screens and selects talent for open positions within the company. In some cases, Shared Services organizations may also perform Procurement, Legal, and Information Technology-related tasks as well. “Often, the finance function is saddled with the task of saving cost across the entire organization,” DeMent explained. Figure 5: Which of the Following Processes are In-scope for Your SSC? For DeMent, these figures offer new and powerful evidence for those who wish to make a business case for adopting and implementing end-to-end processes: “Top-quartile leaders of the pack are getting over a million dollars in savings for a billion-dollar company. Common IT Management & Administration job titles: Business Analyst, Systems Analyst, Enterprise Architect, IT Project Manager. 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. Human resources, IT, and finance were some of the first areas where shared services commonly were implemented. Systems analysts act as intermediaries between technical developers (see application development & support) and end users in hopes of aligning business needs with system design and usability. This article highlights the study key findings regarding SSC governance, structure, and scope. “In general, we’re seeing a mixed bag with respect to outsourcing,” Robinson noted. 1. Customizable busines process workflow templates. “Payroll is included in the scope of 62 percent of finance SSCs, and we think that number is probably understated. Certain legal functions may be outsourced to an external law firm. Shared Services refers to a group of centralized, non-revenue-generating operations that support... Finance. Was advanced shipment notification [ASN] received? As a result, each region often functions as a separate unit, trying independently to improve productivity and reduce costs. They perform strategic planning and recommend courses of action for technology-related improvements. With the maturity of outsourcing continuing to grow, a hybrid The network administration team also works closely with the IT Security Group to ensure that company servers and networks meet or exceed established security requirements. A Finance Department manages a firm's long-term and day-to-day monetary operations and strategy. Figure 2 illustrates that for global process governance, top performers leverage the global process owner role (74 percent) and service level agreements (76 percent) more than other governance models and do so in greater numbers than the comparison group. Vendor Contract Management employees are tasked with creating, negotiating, analyzing and managing contracts with vendors or suppliers in order to maximize performance (financial and operational) and minimize risk. Shared services – Catching the next wave. 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 … Contact us for more information. The group compares their company's compensation packages to those of similar firms and adjusts their packages based on those findings. They also resolve workplace disputes (from simple disciplinary matters to complex litigation) and manage relationships with temporary employees, trade associations and labor unions. They are responsible for pursuing unauthorized use of these assets. They work with business units to maintain analytical and reporting capabilities by enforcing the quality, consistency and cleanliness of the data that they produce and manage. Figure 3 shows that top-performing SSCs have end-to-end processes for procure-to-pay, order-to-cash, and record-to-report in greater numbers than the comparison group, especially when it comes to record-to-report. Companies benefit from significant cost reductions due to labor arbitrage and economies of scale. Common Tax job titles: Tax Accountant, Tax Analyst, Tax Associate, Tax Preparer, Staff Accountant. Also known as Cash Management, the Treasury Group manages all of the company's assets to maximize liquidity and reduce risk. This org chart template outlines the structure of a typical Shared Services Group, including Finance, Human Resources, Information Technology, Legal, Master Data Management, and Procurement. Common Procurement job titles: EVP/SVP of Supply Chain Operations, Chief Procurement Officer, Director of Strategic Sourcing. However, Sawridge is facing challenges in this function with the rapid growth in the company. More advanced, application-specific technology issues are typically handled by the Application Management team (see above). The Accounts Payable, or A/P, function is responsible for keeping the lights on and ensuring that all company vendors are paid in full and on time. IT Security teams also work to develop security incident management plans and ensure that all technology-related projects meet defined security requirements. [[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. They work to set up and maintain document management systems (DMS) that are able to handle both electronic and paper documents. This product is currently not available through the website. reside in company systems. But now that the shared services model is so well entrenched as a leading business practice, finance leaders appear to give less priority to how they can harness emerging practices to adjust their shared services … While ScottMadden believes that COE leaders are most effective Function Corporate Finance Centers of Expertise Service Center “We often see these types of processes included in centers of expertise, and they are typically located much closer to their end customers,” Robinson said. ), policies, procedures and systems. Common Application Management job titles: Application Developer, Quality Assurance Engineer, IT Application Analyst, Associate Developer. They plan, design, implement and maintain server configurations, routing protocols, network configurations and storage environments to facilitate the needs of the organization. Finance groups… Common Network Administration job titles: Network Engineer, Network Administrator, Systems Administrator, IT Infrastructure Manager. These teams are typically regionalized to be closer to end customers and to accommodate local languages, time zones, and cultures. The group also provides employees with day-to-day technology support to ensure that technology-related problems do not interfere with their work. The Employee Relations function is responsible for managing the various interactions between employers and employees. Companies such as BP, Shell, Pfizer, Procter & Gamble and Oracle have proved that a global shared service structure is both possible and able to deliver clear financial and operational benefits.In addition, as SSCs mature, SSC directors continue to focus on improvement and optimisation efforts in a bid to reduce costs whilst maintaining or enhancing service levels. data to compare their current HR structure to that of their peers. The Organizational Design of a Shared Services Group: Definitions, Roles & Responsibilities, Shared Services Organizational Structure Outline & Definitions. The HR function is also sometimes referred to as "Human Capital Management" or "Talent Management. This includes, but is not limited to, the administration of company email systems, business intelligence and enterprise resource planning [ERP] platforms, network setup, data backup and retrieval and document storage. Tasks carried out by the Application Management team include bug fixes, patches, minimal enhancements (typically 2 weeks or less), code refactoring, etc. A Finance Department manages a firm's long-term and day-to-day monetary operations and strategy. The Training and Development function seeks to maximize company performance by training and continuously improving the competencies of its employees. The Accounts Receivable, or A/R, function is responsible for collecting payments from customers or clients for goods or services provided. In some cases, government affairs staff may manage political contributions and lobbyists. HR generalists manage the day-to-day HR activities, such as maintaining HR information system records and compiling reports from the database, developing department goals, objectives and systems, scheduling interviews and performing other, related activities as required and assigned. Shared services is a model for delivering corporate support, combining and consolidating services from headquarters and business units into a distinct entity based on market-like principles. Expenses can include travel, lodging, entertainment and food. An Information Technology, or IT, Department develops, manages and maintains an organization's technology-related assets (hardware, software, systems, etc. Many times, companies use specialized third party logistics firms (brokers) to manage the flow of materials and reduce costs. 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