16 Insights from the 2019 Global Business and Shared Services Conference

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16 Insights from the 2019 Global Business and Shared Services Conference

December 19, 2019 | Article

Evolve and Pivot – or Lose

“There is always space for improvement, no matter how long you’ve been in the business.”

Oscar De La Hoya, former professional boxer

The role of global business and shared services is shifting. After years of outsourcing and offshoring, GBS is looking for new ways of working and seeking new efficiencies. There is growing focus on personalization, data analytics, automation, and artificial intelligence. With these changes, GBS and shared services are becoming strategic partners to the business.

When hundreds of GBS professionals met, we took notes. Here are some of the top insights:

The increasing importance of data analytics and artificial intelligence represents a big opportunity for GBS as the unit often has access to 70 to 80 percent of company data.

GBS has the potential to lead the charge on data analytics, and yet analytics are usually not located within GBS.

GBS already has processes in place for transparency; it can be ahead of the curve by providing insights before a transaction.
The introduction of automation and analytics could mean that companies may need to rethink the role of some policies, which may be obsolete. For instance, a policy requiring sign offs from multiple supervisors may need to be revised to automate a process. GBS teams can use the conversation about policy as a way to move forward on updating processes.