Ever found yourself scratching your head, wondering if your shared services are really delivering value? Or perhaps you’re feeling the pressure to innovate but not quite sure how to measure it? You’re not alone.
In my 20+ years navigating the outsourcing and offshoring industry, I’ve seen dozens of shared service centers struggle with the same questions. The truth is, measuring innovation metrics doesn’t have to be a Herculean task.
The Need for Innovation Metrics
Innovation isn’t just some buzzword thrown around in boardrooms. It’s essential. It’s what keeps us relevant in an ever-evolving global market. When we talk about shared services transformation, it’s all about efficiency, effectiveness, and ultimately, delivering value.
But how do we quantify that? How do we ensure that our innovations lead to tangible outcomes rather than just good intentions?
Identifying Your Key Metrics
First, let’s break it down. What metrics should we even be looking at? Here are some key areas to consider:
- Process Efficiency: Are you seeing a reduction in processing time with your new innovations?
- Cost Reduction: Has there been a noticeable decrease in operational costs?
- Customer Satisfaction: Are your clients happier and seeing more value?
- Employee Engagement: Are your associates more motivated and proactive?
- Return on Investment (ROI): Are your innovations paying off?
Crafting a Measurement Framework
Now that we know what to look for, let’s create a simple framework to keep track. This can be as easy as a dashboard that tracks these metrics monthly and quarterly.
Let’s say you just rolled out a new software tool aimed at reducing time spent on data entry. Your dashboard might track:
- Time saved per task
- Employee feedback on the tool’s effectiveness
- Decrease in errors post-implementation
And just like that, you’ve created visibility around your innovations. This transparency is crucial because it allows you to pivot when necessary.
The Human Element: Engaging Your Team
Guess what? Measuring innovation isn’t just a numbers game. Your team plays a pivotal role. They’re the ones interacting with the processes daily. Engaging them in the measurement process isn’t just a good idea—it’s essential.
How can you involve them? Here are a few ideas:
- Regular check-ins: Create scheduled meetings to discuss metrics, challenges, and successes.
- Empower feedback: Encourage team members to bring their perspectives on what’s working and what’s not.
- Celebrate wins: Recognize your team’s contributions, no matter how small.
A Real-Life Example
Let me share a story from my own experience. At one of the shared service centers I led, we implemented a new project management tool designed to streamline our workflow. Initially, we only focused on the cost savings as our key metric.
However, it wasn’t until we involved our operational teams that we started reaping real benefits. They brought to light that while the tool reduced costs, it also enhanced collaboration. Clients were happier, turnaround time dropped significantly, and our team felt more empowered. Innovation, in this case, wasn’t just about cost—it was about value creation.
Tying It All Together
So here’s the takeaway: measuring innovation metrics in shared services doesn’t have to be rocket science. Start with the right metrics, create a user-friendly framework, engage your team, and celebrate the progress. It’s all about moving towards shared value, not just shared services.
Want more insights on shared services transformation and leadership? You can find tons of resources at THEGBSESGE, a hub started by yours truly, Vikrant Aglawe, a shared services expert. Join the community, and let’s keep pushing the boundaries together.
The Future of Shared Services
As we look toward the future, remember that innovation isn’t a destination; it’s a journey. Keep your metrics in check, stay agile, and listen to your team. Because when you measure what matters, you unlock potential that was previously out of reach.
So, are you ready to enhance your shared services and drive efficiency through innovation metrics?
