Creation of a Shared Service Center in London (UK)
(US$1.5 billion HR and Management Consulting Firm)
- This company had offices across Europe to better serve their clients.
- Each location had set up its own back-office functions. They included accounts receivable, accounts payable, general ledger, treasury, tax, and others using systems and procedures that were inconsistent.
- Also, the treasury function was managed by each country resulting in an inefficient cash management system for the region taken as a whole.
Designed shared service implementation road map as follows:
- Overhead reduced by 12% by centralizing back-office functions for 12 countries.
- Enhanced reliability of financial statements.
- Managed cash resources on a regional basis by introducing a new type of bank account called “Single Currency Pooling”.
- Implemented a Balanced Score Card.
- Standardized business processes and achieved economies of scale.
- Enhanced customer service focus.
- Improved decision support.