Organisations have started to centralize their back-end services for cost saving purpose. The different divisions or subsidiaries of an organisation can share internal functions or non-core company activities such as inventory, hiring, payroll, finance, purchasing, and information technology through shared services. Shared services help in cost reduction which would otherwise be higher if these services are taken separately by different divisions of a company.
Majority of the companies globally use shared services. Further, the market is expected to grow at a rapid pace due to increase in number of deals in shared services market across public and private sectors. Shared services save approximately 20 to 30% of the cost which motivates the companies to adopt this service.
Apart from being cost efficient, shared services also provide process efficiency to the companies. All the internal functions are standardized using shared services, therefore making the whole process smooth and efficient. Location proximity is also one of the important drivers for shared services market. However, implementing shared services is a complicated process as it requires change in the entire infrastructure and business process of the organization. It also takes a lot of time to implement shared service across the organization.
Robotic process automation is a major trend prevailing in the shared services market wherein enterprises focus on reducing manual work by introducing robotic software to do the repetitive tasks. Process automation reduces redundancy along with delivering expected output while cutting down on costs.
Global Shared Services Market can be divided into two segments, one based on functions provided by shared services and the other one based on number of shared services being implemented by the organizations. The major segments of functions in shared services market include: CRM, F&A, HR, IT, SCM; The major segments of shared services market include: One, Two, Three, More than three.
Some of the prominent players in the shared services market include Accenture, Infosys, IBM, Symantec, Oracle, Cognizant, Hackett Group, TCS, SAP and Atos among others.
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