The benefits of outsourcing shared services opsmaven June 25, 2024

The benefits of outsourcing shared services

The benefits of outsourcing shared services

In today’s competitive business landscape, small and medium-sized enterprises (SMEs) in India and abroad face the constant challenge of optimizing operations and maximizing resources. One strategic approach gaining significant traction is the outsourcing of Shared Services. SMEs can unlock the numerous benefits of this powerful model.

What are Shared Services?

Shared services involve centralizing and standardizing back-office functions like finance, HR, IT, and procurement across different business units or locations. This creates a single, efficient hub for these vital tasks, freeing up valuable internal resources for core business activities.

Why Shared Services?

The outsourcing of Shared Services is a rapidly growing trend, offering significant advantages for small and medium-sized enterprises (SMEs). Here’s a breakdown of key market trends and statistics to showcase its growing importance:

  • Market Boom: The global Shared Services market is projected to reach USD 495.6 billion by 2030, growing at a CAGR (compound annual growth rate) of 23.1% (Source: Coherent Market Insights). SMEs are increasingly recognizing the benefits of outsourcing Shared Services, driving significant growth in this segment.
  • Cost Savings & Efficiency Gains: Studies by Everest Group show that companies have achieved a reduction in cost of about 15-30% by outsourcing Shared Services. Additionally, a Deloitte survey found that 85% of organizations report an improvement in their efficiency after implementing a Shared Services model.

Beyond Cost Savings: The Multifaceted Benefits

While cost optimization remains a key driver, recent trends indicate a shift towards valuing other benefits of outsourcing shared services:

  • Enhanced Expertise and Technology: Shared services providers like OpsMaven offer access to a pool of experienced professionals across various functions, bridging the talent gap often faced by SMEs. Outsourcing allows SMEs to leverage advanced technologies (cloud, automation) without hefty upfront costs.
  • Scalability and Flexibility: As the business grows, their shared services needs will evolve. We offer a scalable model that can adapt to your changing requirements. This allows organizations to focus on growth initiatives without worrying about scaling their back-office infrastructure.
  • Improved Risk Management & Compliance: Shared services providers stay up to date on the latest regulations and compliance requirements. By outsourcing these tasks, SMEs can mitigate risks and ensure their operations adhere to relevant industry standards.
  • Talent Acquisition & Retention: Recruiting and retaining top talent in shared services functions can be challenging for SMEs. Outsourcing these tasks allows organizations to focus on attracting and retaining talent in their core business areas.

The Shared Services Advantage for SMEs: Partnering for Success

At OpsMaven, we understand the unique challenges faced by SMEs. We offer a dedicated team that specializes in supporting small and medium-sized businesses to unlock the full potential of shared services. Partnering with us ensures that you experience:

  • Customized Shared Services solutions tailored to your specific needs.
  • Secure and reliable infrastructure to ensure data integrity and business continuity.
  • Transparent reporting and clear communication to keep you informed.
  • A dedicated support team to answer your questions and address any concerns.

Don’t let back-office burdens hinder your growth. Contact OpsMaven today and unlock the power of Shared Services to propel your SME towards success!

By leveraging the power of outsourced Shared Services, SMEs can optimize costs, enhance efficiency, gain access to expertise and technology, and achieve greater scalability and risk management. This holistic approach paves the way for increased growth and long-term success.