As Covid-19 reaches all facets of life, global shared services are finding new ways to mitigate its long-term impact. Gartner’s recent Business Continuity Survey shows just 12 percent of organizations are highly prepared for the impact of coronavirus. In the face of Covid-19, the business continuity preparedness and disaster recovery measures have proven largely ineffective, especially for shared services centers (SSCs) or global in-house centers (GICs) operating at the forefront of business services. It is estimated that 75 to 80 percent of Fortune 500 companies are using some form of shared services – whether in-house or outsourced. The traditional operational model seems to have fallen short in places, in light of the weaknesses brought out during the pandemic. It is clear that shared service leaders need to transition their units on to a more resilient operating model that can best protect their people, serve their customers and secure business support for the future. During times of crisis, business process operations – the core engine in a company – is more important than ever. Business process functions include finance, supply chain, procurement, human resources, marketing, sales and customer operations; and industry-specific services, such as healthcare, insurance, banking, etc.
Read More