Shared Services Center Market: Overview
Shared
services refer to a dedicated unit including processes, people, and
technologies that focuses on defined business functions. It is structured as a
centralized point of service and delivery location. Supported by IT and IT
services, these functions cater to the requirement for diverse business units
within the enterprise. Shared services may involve copious IT processes and
business functions and may come from various physical locations.
A
shared services center (SSC) is the hub for shared services within an
enterprise. It is a dedicated unit responsible for executing and handling
specific operational tasks such as human resources, accounting, payroll, IT,
compliance, legal, purchasing, security, and others. These SSCs are often
considered spin-offs of the corporate services; they are aimed at separating
all operation tasks from the corporate headquarters, allowing them to focus on
their core competencies instead. As SSCs are intended to be cost-effective,
they are highly cost-sensitive in terms of their labor costs, location
selection criteria, and headcount.
The
report presents in-depth insights into various factors that will influence the
global shared services market between 2016 and 2024, comprising exhaustive
information pertaining to the market’s historical performance and its
development status. Aiming to provide an executive-level blueprint of the prevailing
competitiveness in the market, the report also profiles some of the most
prominent companies operating in the market. Their performances are evaluated
on the basis of financial overview, strategies adopted, cost structure, and
expansion trends, among others.
Shared Services Center Market: Key Trends and Opportunities
The
shared services center market witnesses lucrative growth potential as
enterprises around the world increasingly focus on reducing the overall cost
incurred on production and improving the quality of the services delivered.
Ingenious implementation of SSCs at operation stages results in better
operational efficiency and cost reduction, along with enhanced productivity.
Deploying an SSC framework, therefore, helps companies focus on improving their
core operations.
Poised
to witness growth at an impressive rate in the next few years, the clinical and
pharmaceutical end-use segments account for a substantial share of the global
shared services center market. The rapidly increasing demand for cost-effective
treatment modalities and redesigning the traditional pharmaceutical R&D
model is anticipated to boost demand from the global shared services center
market.
Among
the various end-use segments of the market, the legal end use is anticipated to
considerably contribute to the revenue generated by the SSC industry during the
forecast period. In the last couple of years, the advent of the latest
technologies, coupled with rising demand for reduction of costs in the wake of
the global economic downturn, has impelled law firms and corporate legal departments
to replace their traditional business approach with shared services and
outsourcing. The BFSI segment also accounted for a considerable share in the
global shared services center market and is expected to exhibit significant
growth over the report’s forecast period. The emerging trend among leading
enterprises to enhance their global presence and improve customer satisfaction
will positively fuel demand from the BFSI segment. Additionally, the
availability of a highly skilled workforce at lower wages across emerging
nations in Eastern Europe and Asia Pacific is envisioned to boost the global
shared services center market.
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