Vikrant A.

The world of shared services can feel like a massive labyrinth, right? You’re juggling expectations from multiple stakeholders, dealing with outdated processes, and just hoping everything runs smoothly. Trust me, I’ve been there. With over 20 years in the outsourcing and offshoring industry, I’ve seen the highs and lows. But here’s the thing: with some strategic moves, you can navigate this maze successfully. Understanding Shared Services: The Basics Before we dive deeper, let’s break it down. Shared services is about consolidating back-office operations to improve efficiency and reduce costs. Think of it as pooling resources—why have five different teams handling payroll when one can do the job effectively? This isn’t just about cutting corners; it’s about enhancing productivity. Do’s of Shared Services Ready for some practical steps? Here’s what you should definitely do: Align with Business Objectives: Keep your goals in sync with the overall strategy of your organization. If your workspace is pulling in different directions, you’ll find chaos in its wake. Aligning everyone around a shared vision means smoother sailing down the line. Invest in Technology: Have solid tech in place. Automated systems can free up your team’s time and reduce errors. Look at advanced software solutions that boost productivity and streamline workflows. Engage Your Employees: Don’t overlook your team. Involve them in decision-making processes. This builds a culture of ownership and accountability, where everyone is invested in the success of shared services. Standardize Processes: Create clear, standardized processes. This reduces confusion among teams and ensures everyone is on the same page. Think about it: when everyone follows the same playbook, the results are much more reliable. Track Your Metrics: Pay attention to key performance indicators (KPIs). This helps you measure success and adjust operations as necessary. Ask yourself: What’s working? What isn’t? Monitoring performance keeps your initiatives accountable. Don’ts of Shared Services Now, let’s look at some common pitfalls to avoid: Avoid Overcomplicating Your Structure: Don’t make the organization more complex than it needs to be. If the structure is unclear, confusion reigns. Keep it simple and straightforward. Neglect Communication: Don’t assume everyone is in the loop. Regular communication is critical. If there’s ambiguity or a lack of information, it creates a fertile ground for missteps. Skip Change Management: Manage change effectively. People are resistant to new systems and processes. Equip your team with the right training and tools to transition smoothly. Work in Silos: Collaboration is key. If departments don’t communicate, you’ll end up duplicating efforts or missing opportunities. Break down those silos! Forget the Customer: Always keep the end-user in mind. Your services are meant to support the entire organization, so gauge feedback from all stakeholders. Real-Life Application Let me share a story. A client of mine was struggling with their shared services center. They had tech tools but weren’t using them effectively. We decided to go back to the basics. We simplified the processes and made sure everyone knew their role clearly. Some quick wins included conducting training sessions and establishing a feedback loop. Within months, they saw a significant drop in errors and an increase in employee satisfaction. Why? Because they understood their goals and felt empowered. The Power of Continuous Improvement Transformation doesn’t stop when you get the basics right. It’s an ongoing journey. This means nurturing a culture of continuous improvement within your shared services environment. Encourage innovation. Celebrate successes and learn from setbacks—this is the bedrock of growth. Mastering Process Optimization Process optimization is crucial. It identifies inefficiencies, helps eliminate waste, and enhances performance—all things we aim for in shared services. It’s about asking the tough questions: Are steps being duplicated? Are we using our resources efficiently? How can we enhance the user experience further? Being proactive in these evaluations is a game changer. Techniques like Six Sigma or Lean methodologies can boost process efficiency through structured frameworks that drive improvement. Engagement Through Technology When done right, technology shifts the balance favorably. Emerging tools integrate analytics, automation, and artificial intelligence to streamline your workflows. Grab this opportunity! Embrace innovations that not only enhance productivity but also improve employee engagement. The Role of Leadership in Shared Services Effective leadership is the backbone of successful shared services. Great leaders build the vision, get everyone on board, and foster a transparent culture. They act as catalysts for change, empowering their teams to strive for excellence. Lead with Transparency: Share both the wins and the challenges. Transparency builds trust and motivates your team to stay engaged and committed. Cultivate Talent: Spot potential and invest in employee development. Your team’s skills will be essential for leading any shared services transformation. Your Action Plan Let’s strip it down to actionable steps: Align your shared services goals with the organization’s business strategy. Invest in technology that supports those goals. Boost employee engagement through proactive communication and training. Standardize processes to ensure consistency and clarity. Monitor KPIs regularly and adjust your strategy as necessary. Wrapping It Up So, here we are. Navigating shared services might feel like an uphill battle. Yet, with the right strategies, continuous improvement, and a dedicated team, you can triumph. Embrace the journey, learn from each step, and don’t hesitate to reach out if you need guidance or support on this path. If you’re hungry for more insights on shared services, check out THEGBSEDGE blog. There’s a treasure trove of articles on topics like transformation, innovation, and leadership tailored just for you! “`

Ever found yourself swimming in a sea of data, unsure what really matters for your shared services team? You’re not alone. Many of us have been there, drowning in numbers while trying to pin down the key performance indicators (KPIs) that actually drive our success. And let’s be real—tracking the right metrics can feel like a puzzle, where the pieces don’t always fit together. So, how do you master KPI and metric tracking? Let’s break it down. The Reality of KPI Tracking When I started in the outsourcing and offshoring industries, I quickly learned that KPIs are like the compass guiding our strategic decision-making. They let us know whether we’re on the right path or veering off course. But here’s the kicker: not all KPIs are created equal. Some are meaningful, while others just add clutter. Trust me, the last thing you want is a chaotic dashboard filled with numbers that make your head spin. So how do you differentiate the good from the bad? Let’s dive into the do’s and don’ts. Do’s of KPI and Metric Tracking 1. Align with Business Goals Your KPIs need to serve a purpose. Align them with the overall goals of your organization. For instance, if your aim is to enhance customer satisfaction, track metrics that reflect customer feedback. 2. Keep It Simple Don’t overwhelm your team with an endless list of KPIs. Focus on a handful that truly matter. Good rule of thumb: no more than five core KPIs. 3. Be Consistent Regularly track and report on your KPIs. Monthly or quarterly reviews help you stay focused. Consistency builds accountability and drives performance. 4. Visualize the Data Nobody wants to sift through spreadsheets filled with numbers. Use graphs, charts, and dashboards to make the data digestible. Visuals also help your team quickly understand performance trends. 5. Involve Your Team Your team should be part of the KPI setting process. Engagement leads to ownership. When people understand what they’re aiming for, they’re more likely to hit the target. Don’ts of KPI and Metric Tracking 1. Avoiding Overcomplication Steer clear of complex KPIs that are hard to measure. Keep it straightforward. If your team can’t track it easily, it’s probably not worth it. 2. Neglecting the Context Always provide context for your KPIs. A number without context is just meaningless data. For example, a 20% increase in sales sounds great until you realize it’s compared to a quarter where sales were abysmally low. 3. Ignoring Feedback Your KPIs should evolve as your business does. Solicit feedback from your team and stakeholders regularly. Adjust your KPIs to reflect the changing landscape. 4. Setting It and Forgetting It Don’t just set your KPIs and forget about them. Regular check-ins and adjustments are crucial for staying relevant. Data changes, and so should your strategy. 5. Focusing Solely on Results It’s tempting to only focus on the end results, but watch out. Consider the processes that lead to those results too. Process optimization is key to improving your KPIs. Crafting a Balanced Scorecard Another essential element of mastering KPI tracking is the balanced scorecard approach. It’s not just about financial metrics but considering other facets like customer perspectives, internal processes, and learning and growth. Here’s how you can structure it: Financial Metrics: Profitability, cost reduction, revenue growth. Customer Metrics: Customer satisfaction scores, NPS, retention rates. Internal Process Metrics: Efficiency of core processes, turnaround times. Learning and Growth Metrics: Employee satisfaction, skills development. This multi-dimensional approach ensures that your KPI framework isn’t skewed towards one aspect, giving you a holistic view of performance. You’ll pick up patterns and insights that might otherwise go unnoticed. Real-World Stories: Learning from Experience Let’s flip the coin a bit. Imagine a shared services center that primarily focused on cutting costs. They implemented a bunch of KPIs, all aimed at reducing expenditure without considering customer satisfaction or employee morale. You could guess where this chaos ended: higher staff turnover, dropping service levels, and ultimately a loss of revenue. Conversely, I remember another organization that leveraged KPI tracking effectively. They maintained a positive employee culture while focusing on performance metrics, balancing cost savings with service excellence. Their KPIs reflected both operational performance and employee engagement, and as a result, they not only optimized their processes but also enhanced team productivity. Continuous Improvement through KPIs Tracking metrics isn’t a one-and-done game. It’s about continuous improvement. Regular reviews and recalibration help keep everyone aligned with your shared services objectives. Here’s how you can foster this culture: Hold regular meetings dedicated solely to KPI discussions. Encourage team members to share their insights and experiences related to the KPIs. Document lessons learned and integrate them into your tracking processes. This reflective practice turns data from a stagnant pool into a flowing river of insights, allowing your organization to adapt and thrive. If your team is using metrics to inform decisions and provoke discussions, then you’re on the right path. The Human Element in KPI Tracking You know what really makes KPI tracking effective? The human element. Data is just data until it drives action. Encourage collaboration among teams, celebrate wins, and learn from losses together. Create an open atmosphere where KPI tracking is seen not as a drill but as a valuable tool for everyone involved. As you embark on this KPI and metric tracking journey, keep in mind that it’s about more than just numbers. It’s about fostering an environment where your shared services can genuinely thrive. For resources on how to optimize this journey further, check out Process Excellence and Strategy & Leadership. As someone who has spent over 20 years in the shared services field, I’ve seen firsthand the mistakes—and successes—that come with KPI tracking. By focusing on what truly matters, your metrics can drive not just performance but also transformation across your organization. Let’s make tracking not just a task but a powerful strategy for your success in shared services. If you want to stay updated and gain insights like these, I encourage you to

Let’s cut to the chase. If you’ve been in the shared services game for any length of time, you know the juggernaut that is governance. It’s essential, yet messy. You’ve got processes, people, compliance… a hundred moving parts all vying for your attention. It can feel overwhelming. Just when you think you’ve got a handle on things, another compliance rule throws a wrench in the works or a process falters under pressure. I’ve sat where you sit—juggling operational strategies, ensuring we’re aligned with global standards, and addressing stakeholder concerns. After 20+ years in this industry, I’ve learned some vital lessons about what to do, and just as importantly, what to avoid. So grab a coffee, and let’s unpack this together. Understanding Governance in Shared Services First things first. What does governance even mean in this context? In shared services, governance is all about ensuring that there’s a clear set of rules for managing your processes, decision-making, compliance, and performance. It’s the backbone that allows everything else to run smoothly. Okay, here are some of the top do’s that will make your governance efforts a breeze: Do’s of Governance Establish Clear Policies: Be clear on what’s expected. Create comprehensive policies that lay out compliance, quality, and performance requirements. Engage Stakeholders Early: Get everyone on board from the get-go. Make sure they understand the benefits of your governance framework. This helps in building ownership. Regular Training: Continuous education keeps everyone updated on processes and compliance. Consider bite-sized training sessions to keep it engaging. Measure and Monitor: Keep track of key performance indicators (KPIs). Don’t just collect data—use it to drive improvements. Regular reviews help you pivot when necessary. Create a Culture of Accountability: Foster an environment where everyone takes ownership of their roles. This isn’t just about compliance; it’s about responsibility and pride in the work. Don’ts of Governance Now, let’s flip the coin. Here are some pitfalls you want to sidestep when it comes to governance in shared services: Skip the Documentation: Trust me on this one. Not documenting your processes is a fast track to chaos. If someone leaves, or a sudden change happens, you’ll be scrambling. Assume Everyone Understands: Just because you get it doesn’t mean everyone else does. Regularly check comprehension. It’s not a one-and-done deal. Ignore Feedback: Your team is on the ground floor. They see what’s working and what’s not. Make it a habit to gather feedback and act on it. Be Rigid: Governance shouldn’t be a straightjacket. Processes need to be dynamic. Allow for adjustments as you learn what works best. Avoid Accountability: Pass the buck and you’re creating a culture of blame. No one wins in that scenario. Instill accountability at all levels. Sharing Stories: Real-World Experiences A while back, I was working with a global company that was struggling with governance challenges. They had a robust framework on paper, but in practice? Not so much. Everyone thought that governance was someone else’s job. The result? Chaos. Things crumbled under the weight of miscommunication and misunderstanding. We decided to hit the reset button. I started by engaging stakeholders in redesigning the governance model. And guess what? We created “Governance Champions”—individuals responsible for understanding, communicating, and implementing governance policies within their teams. It made all the difference. Suddenly, governance wasn’t just a set of dry rules. It became a shared responsibility. The culture started shifting, accountability emerged, and the organization began to see tangible improvements in compliance and efficiency. The Role of Technology Can we talk tech for a minute? In the fast-paced world of technology and innovation, governance looks a little different. Technology can streamline governance efforts, from compliance tracking to data analytics. But you need to choose the right tools. Some key tech tools to consider: Governance, Risk, and Compliance (GRC) Software: These tools help you manage regulatory and compliance requirements effectively. Data Analytics Platforms: They help with reviewing KPIs and performance metrics, aiding in making informed decisions. Communication Tools: Keep communications clear and open. Tools like Slack or Microsoft Teams help keep governance discussions ongoing and collaborative. Crafting a Collaborative Approach Let’s not downplay the power of collaboration. When team members feel like they’re part of the decision-making process, they’re more engaged and more likely to comply. This collaborative spirit can lead to innovative governance solutions. Try hosting workshops or brainstorming sessions to gather ideas on improving governance policy. By including your team, you foster a sense of ownership, making it easier to implement changes. Common Governance Mistakes and How to Avoid Them Here are a few common missteps and how to avoid them: One-Size-Fits-All Approaches: Each team may have unique needs. Customize governance processes to fit the team’s specific requirements. Over-Complicating Processes: Keep it simple. Complicated processes can cause confusion and frustration. Streamline where possible. Failure to Adjust: If something’s not working, adapt it. Don’t feel tethered to a process just because “it’s the way we’ve always done it.” Wrapping It Up: The Human Element in Governance At the end of the day, governance is as much about people as it is about processes. It’s about building a strong framework that allows everyone to thrive. When teams understand the why behind governance, it shifts from being a chore to being part of the organizational culture. Before I sign off, remember to regularly check in on your governance protocols. Adapt, engage, and keep refining. You’ll find that a proactive approach to governance leads to smoother operations, improved compliance, and, ultimately, a healthier work environment. Want more insights on shared services and governance? Check out THEGBSEDGE. It’s a treasure trove of knowledge for anyone navigating the complexities of shared services.