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Questions and Answers
What is Shared Services?
Shared Services is a business model that enables resources to be leveraged across an entire organization resulting in lower costs with agreed upon customer-service levels.
What are the primary capability levers of the Shared Services operating model?
People, Process, and Technology.
How is Shared Services different from Centralization?
Shared Services has the mindset of a business and views the rest of the organization as their customers. The broader objective is to gain efficiencies beyond consolidation.
Is Shared Services always a separate business unit within a company or agency?
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What are the accountabilities of Shared Services as a service organization?
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Study Notes
What is Shared Services?
- Shared Services is an operating model where a company or agency consolidates and centralizes its support functions, such as HR, IT, and finance, to improve efficiency, reduce costs, and enhance customer experience.
Primary Capability Levers of Shared Services
- Standardization: implementing standardized processes and procedures across the organization
- Centralization: consolidating support functions into one location or center
- Consolidation: integrating duplicate or redundant functions into a single entity
- Automation: leveraging technology to automate manual processes
- Outsourcing: contracting external providers for specific support functions
Shared Services vs. Centralization
- Shared Services is not the same as centralization, as it involves more than just physically locating support functions in one place
- Shared Services involves transforming support functions into a customer-focused, process-driven organization that delivers services to the business
Is Shared Services a Separate Business Unit?
- Shared Services does not have to be a separate business unit within a company or agency, but it can be structured as such
- It can also be a virtual organization, where support functions are consolidated but not necessarily separated from the rest of the organization
Accountabilities of Shared Services
- As a service organization, Shared Services is accountable for delivering high-quality, cost-effective services to the business
- It is also accountable for managing the cost of service delivery and achieving operational efficiency
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Description
Test your knowledge of shared services with this quiz! Explore the definition, benefits, and implementation of this business model, which aims to optimize resources and reduce costs while maintaining high customer-service levels.
