Navigating a Tidal Wave: The Evolving Landscape of Shared Services

Welcome to the shared services saga, where 2024 is tossing us onto a bit of a rocky road, and things are changing faster than you can say “innovation.” It’s a roller coaster of tech, talent, and reorganization. But fear not, while the change is rapid, the opportunity has never been greater, with 83% of SSO/GBS supporting the enterprise’s digital agenda, and 27% in the driver’s seat. Let’s take a look at some of the evolving trends and predictions as we make our way through Q1.

Supercharged Workforce

2024 is testing our mettle, but shared services leaders are not backing down. They’re doubling down on workforce management, turning their teams into a crew that doesn’t just survive, but thrive in the face of uncertainty. As a result, talent capabilities are under the spotlight, with SSOs focused on upskilling and reskilling employees, developing new talent models, and embracing flexible work arrangements to attract and retain the key talent they so desperately need to meet their objectives. It’s all about creating a workforce that doesn’t just ride the wave; they own it, leveraging automation platforms to make the operations smoother and more productive.

Tech Marvels

First, there was robotic process automation (RPA), now we’ve got intelligent automation and AI-based wonders. The sheer number of tools and solutions has multiplied since the early days of RPA, and companies now have access to a long list of technologies to lean on. As of Q4 2023, AI-driven automation is having its superhero moment, thanks to ChatGPT and its gang of generative capabilities. We are just getting started. SSON Research & Analytics data indicates only 10% of SSO/GBS are currently deploying several GenAI use cases. For a ton more data on Gen AI’s applications for shared services and GBS, access the recently published report.

Expanding Horizons

In the midst of rocky roads, shared services are spreading their wings, with 26 processes in the mix for at least 10% of SSOs. We delve deeply into more than 45 service lines and track 140 shared services metrics within these service lines so that you can benchmark against your peers and develop your continuous improvement roadmap.

Enterprise Influence

As of today, the target of “seat at the table” is entirely within reach. “True business partner” or “trusted advisor” roles can be achieved by GBS. Nearly 80% recognize their capabilities position them for core business support, and the SSO/GBS reporting line is very high, reflecting the relevance of GBS. We now stand at 66% of the industry reporting to the C-level, and an additional 13% reporting to a “C-title”.

In the unpredictable roads of 2024, shared services aren’t just navigating the tidal wave, they’re riding it, proving that even rocky roads can’t stop the digital revolution. Maturity evolves, complex processes are handled with great poise, and with the right organizational structure, new avenues for value creation are right in front of you. Take a moment to check the health of your GBS with this super cool data tool (that happens to be complimentary). So, let’s keep on, ride the wave, and show 2024 that shared services can’t stop and won’t stop.

Tidal Wave Stock photos by Vecteezy