Transformation of Finance Shared Service Center (SSC) with

the help of Technologies & Digitization

A successful company need to have a centralized stable finance (SSC) that
runs standardized processes across its business units. The key benefits of
FTE rationalization, intended process design, and overall governance &
operating model have shown effect during first year of operation of the
SSC. Introduction of various SSC tools (vendor invoice management, rent
management, travel management, capex investment governance, retail
utility operation, cash journal management) to transform paper based
organisation into a digital. MIS on Travel behavior and spend of
employees converted into workflow based architecture added benefits
on process & reduction in effort.
The evaluation of the Technology & Digital leverage on SSC will be along
the five critical performance
1. Automation
2. Real time
3. Adoption
4. Security
5. Correct ness
Tools ensure clear visibility, strong quality & control over the process
with reduced exceptions
Faster & accurate reporting - Tools enable quick and accurate reporting which is
integrated with the core ERP, this frees up employee time for other value added activities
Quality & Compliance
Tools reduce errors and increases accuracy and ensure auto policy compliance, enabling
stronger controls, using workflows/schedule of authority to reduce compliance leakage
Lower exceptions & deviations
Because of clearly defined rules, there are fewer exceptions and deviations. This results
in an optimum process
Visibility & Accountability
Tools provide clear visibility to the stakeholders with very little dependency on
individual employees for status reports. Workflows ensure that necessary person
performs his task on time
Scalability
Web based tools can scale up quickly and adapt to increased volume without the need for
additional FTEs to handle the increased volume, new features can easily be added to
existing functionalities
Single source of truth
Tools are the ultimate providers of data and reports, thereby eliminating the dependency
on a person/team to provide manual reports and available on real time, anywhere, any
devices
Employee & Customer Satisfaction
Increased employee satisfaction through focus on higher value activities. Better visibility
of the status to all, decreases the need of follow-up
Speed
Online tools expedite the process by bringing in clear accountability thereby decreasing
the overall process time

Driving Cost Savings Activity with the help of Technologies & Digitization
Online Portal and Application brings potential cost savings points by analysing the
opportunity like Buying Behaviour, Policy and Supplier Management, Low Fare Search
and Demand Management. Timely Cost decisions basis pattern emerging from ‘Real
time Review Mechanism’ and smart MIS. Digital system brings conscious consumption
plus Cost consciousness to the user. It can bring faster decision making on policies,
practises & costs as per business needs.
According to Industry Benchmark, savings of 3%-5% of Travel & Expense can be reached
by converting process to digital. Savings of 7%-8% of cost can be saved using the digital
system SMART ly into organisation.