The world of business as we know it is changing rapidly, with competition more rife than ever before. This is compelling organisations to seek every opportunity to become more dynamic, remain relevant, and improve their performance.
Enter Shared Services – a growing trend in global corporate thinking, which is seeing a shift from in-house operations towards Business Process Outsourcing (BPO).
This collaborative approach of pooling and centralising common operations is proving to be highly effective. Proponents of Shared Services often claim to be “doing more with less” and overcoming the challenges associated with being under-resourced and over-committed.
Key Benefits to Business
The greatest impact of Shared Services is recognised as its ability to reduce costs, eliminate waste, streamline processes, and boost efficiencies.
Business executives are also increasingly turning to this practical workforce model for greater intelligence through analytics, insights and reporting. This guides informed and strategic decision making, allowing organisations to respond quickly in order to minimise risk and seize opportunities for a competitive advantage.
Another key value-add contribution of Shared Services is that it enables businesses to concentrate more on core competencies, functions, and objectives. Re-focusing this attention is proven to enhance the quality of products, services and deliverables – ultimately, sustaining business development and revenue growth.
Developing Northern Australia
Success is apparent by the rate at which this operating model has been adopted by Fortune 500 companies and world class organisations to support their business strategies.
Latitude 12, a Darwin based provider and a specialist service provider, is on a mission to ensure Northern Australia doesn’t miss out – because Shared Services isn’t just good for business, it is good for economic prosperity throughout the region.
As the first to introduce Internal Audit and Integrated Finance Management services to Northern Territory Local Government Councils, Latitude 12 now supports Indigenous organisations as well as the commercial and private sectors. It has also seen a growth in the demand for its other services, including HR and Recruitment, Workplace Health and Safety, and Records Management.
Chief Executive Officer, Atma Maharaj, believes the organisation is in a unique position, “being locally based and with vast experience across industries, we understand the internal and external, cultural, and geographic challenges faced by organisations in Northern Australia. This allows us to provide tailored solutions for better local outcomes like satisfying compliance and accountability requirements.
“The benefits we deliver go beyond individual organisations to promoting economic prosperity and better outcomes for the local communities we work in.”
Through economies of scale and capacity building, Shared Services can overcome the growing concern of skilled talent shortages. The agility and scalability of the model also provides a platform for regional growth and expansion.
The Way Forward
Local Shared Service Organisations (SSOs) should seek to establish a pool of services and equip local businesses to be agile in changing markets and have an advantage over external competitors. This offers reciprocal benefit and creates greater positive impact for the community and region at large.
The 2018 Developing Northern Australia Conference is on next week at the Alice Springs Convention Centre over Monday 18 and Tuesday 19 June. For more information and to secure your spot, visit the conference website.