Your Guide to Choosing a Shared Services Model
nehachauhan | Updated: August 5, 2021
The idea of Shared Services started gathering momentum in the 80s. The organizations needed more efficient ways of working. This gave birth to Shared Services, which was initially focused on typical back-office processes – these processes were centralized, analyzed, and optimized by reducing the non-critical activities. Since then, shared service centers have continually developed, evolved, and adopted new technologies and strategies to increase operational efficiency and profitability.
In this article, let’s understand this in more detail by looking at the two most common forms of shared services – onshore and offshore.
Onshore Shared Service Centers
Onshore shared service centers are established in the same town as the business that needs them. By onshoring shared service centers, companies can get rid of any cultural or language barriers and, therefore, improve their operational efficiency without compromising on anything. Further, with the onshore shared service center model, you’ll have a lot more talent available at your disposal.
At Trantor, we’ve helped a leading technology company set up onshore shared service centers. Our focus was on providing a unique experience to the organization by embracing cutting-edge technologies like AI, Machine Learning, Automation, and Analytics; combined with a 30th-century approach. As a result of that, we were able to help the organization reduce its expenditure by 20% and improved its efficiency by 40%.
However, in this shared service model, the managers do not have in-person oversight of the supplemental staff that works remotely.
Offshore Shared Service Centers
In this, the organization hires teams from overseas without worrying about time zone differences or such. For instance, an American software company operating from NY having its service centers offshore in India or China would fit this paradigm.
The work of the company’s offshore employees spans the entire gamut of business, from managing the computing needs of global giants to performing cutting-edge research in fields like visual search, artificial intelligence and computer vision for self-driving cars, and much more.
What is the best Shared Service Center model for you?
Both onshore and offshore have their pros and cons to offer, and at the end of the day, it all boils down to your requirements and how to go about meeting them.
At Trantor, here’s the approach we follow:
We guide our clients through the process of finding the best fit for them by conducting extensive brainstorming and discussion sessions, evaluating the company’s skills and needs, and then submitting a proposal to take things forward. Our 30th-century mindset allows us to make the most of today’s cutting-edge technologies, like Automation, RPA, AI, ML, and such. We offer decades of experience with conversational AI solutions across multiple industries, including banking, insurance, travel, hi-tech and retail clients. Our goal is always to create an enhanced customer experience, increased operational efficiency, and optimized outcomes.
Trantor’s Captive Center of Excellence reaches out to MarTech, FinTech, HealthTech, and other domains with tools and services to automate and streamline the day-to-day business operations and drive increased revenue!
With Trantor’s Captive Center of Excellence, you get the following benefits:
- Innovative approach
- Identity protection
- Unmatched accuracy
- Automation of mundane tasks
- Improved efficiency
- Round-the-clock availability
- Competitor analysis
- Minimized risks
Exploring all the different shared services models and trying to decide among them can be taxing and confusing. However, the fact that you have such choices means that you will soon be able to find the perfect engagement model for your company’s needs. It doesn’t have to be 100% onshore or offshore. It can also be a healthy mix of both, as per your requirements.
Reach out to Trantor today, and know about the engagement model that’s fit for you!