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There's money to be found in the back office

Sandra Gittlen | Dec. 12, 2011
Hackett Group research is digging up lots of ways that sharing functions can achieve -- and calculating that the savings can be huge.

As example, there are some tasks that can be performed from anywhere, such as paying bills, and those that are unique to a region, such as understanding compliance mandates. The structure of shared services must take these requirements into account.

While workers might at first reject a shared services model, Padron encourages business leaders to explain the benefits to the organization and to them personally. A division focused on their talents provides a career path they otherwise wouldn't have had. Rather than being the sole financial person, they'll be able to aspire to lead a financial team or the entire shared services division, for instance.

The rewards of shared services reach far beyond initial cost savings. "You can close books faster, take advantage of volume discounts, improve compliance and more," Padron says. "Shared services provide the agility corporations need."

 

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