Hackett Finance Shared Services Study

Hackett Finance Shared Services Study: Unlocking Value and Efficiency

The Hackett Group’s Finance Shared Services Study is a benchmark analysis that provides valuable insights into the performance and practices of finance organizations operating shared services centers (SSCs). These studies offer a comprehensive understanding of key performance indicators (KPIs), process efficiency, cost structures, and technology adoption within the finance shared services domain.

A central theme of Hackett’s research is identifying the “world-class” performance levels attainable through optimized SSC operations. The study benchmarks client performance against top-performing organizations to highlight areas where significant improvements can be achieved. This benchmarking encompasses numerous facets, including cost per transaction, headcount efficiency, processing time, and error rates.

One of the key findings often emphasized by Hackett’s study is the potential for substantial cost reduction within finance functions through the implementation and optimization of shared services. By consolidating transactional processes into a central location, organizations can leverage economies of scale, standardize procedures, and streamline workflows. The study quantifies these cost savings, providing tangible data to support investment decisions in shared services.

Beyond cost reduction, Hackett’s study also focuses on improving service quality and customer satisfaction within the organization. A well-run SSC can provide consistent, reliable, and timely financial information to internal stakeholders. Hackett’s research examines the impact of shared services on metrics such as invoice processing accuracy, on-time payments, and responsiveness to inquiries. Furthermore, it identifies best practices for managing customer relationships and ensuring seamless service delivery.

Technology plays a critical role in achieving world-class performance within shared services. Hackett’s study analyzes the adoption and effectiveness of various technologies, including enterprise resource planning (ERP) systems, robotic process automation (RPA), optical character recognition (OCR), and advanced analytics. The study identifies how these technologies can automate repetitive tasks, improve data accuracy, and provide valuable insights into business performance. Understanding the optimal mix of technology solutions is crucial for maximizing the benefits of a shared services model.

The Hackett study also delves into organizational structure and governance models for finance shared services. It explores different approaches to team organization, reporting lines, and performance management. The research examines how effective governance structures can ensure alignment with business objectives, promote continuous improvement, and manage risk effectively. Furthermore, the study investigates the role of talent management in attracting, retaining, and developing the skilled workforce necessary to operate a successful SSC.

In conclusion, The Hackett Group’s Finance Shared Services Study provides a valuable resource for organizations seeking to optimize their finance operations through shared services. By providing benchmarking data, identifying best practices, and highlighting opportunities for improvement, the study empowers organizations to achieve significant cost savings, improve service quality, and drive overall business performance.