The recent Global Market Report 2021 report by SSON – the shared service centre benchmarking analytics group - on the State of the Shared Services and Outsourcing Industry sponsored by Nintex, see, revealed the stresses and opportunities from automation in today’s pandemic driven industry and how this will affect corporate treasury departments. The report looked at the future of work, how to continually improve, data readiness gap, and how automation is looking for a strategy. The key findings that have implications for corporate treasury departments are reviewed below.
Future of work
The main findings on what is changing were:
- remote work is now embedded as a key plank of organizational design
- outsourcers are making major investments in new technologies which drive and support remote working and managing remote operations
- a major challenge is how to track employees’ productivity remotely. Having the right tools will matter in enabling remote working
- the biggest impact of remote working are:
- the delivery of a more resilient service
- reduction in operating costs
- access to great talent pools
- senior staff are staying home while transactional staff are still working in the office
- recruiting is no longer restricted by location.
Shared service centre development
SSON also asked members about their improvement plans. Key findings were:
- the pandemic has highlighted the absolute need for resilient operations
- the vital role is to control / standardize / optimize processes
- how critical it is to reduce process cost and time taken.
Data readiness gap
The survey showed that only 8% on the respondents felt that their company had “Real-time, predictive capabilities for integrated datasets are enabled by automation, e.g. complex event processing, neural networks.”
CTMfile take: The vital questions for corporate treasury departments raised by this report are:
- Are you ready for further reductions in the size of your department as the new working practices impact?
- In your recruitment are you thinking multi-country or even regionally? If not, you could be limiting your talent pool unnecessarily.
- How resilient are your operations to further seismic shocks, e.g. a lockdown for a further six months, or a major cyber-security incident?
- How are going to bridge the data gap and really get on top of your operations?
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