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The evolution of Shared Services

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The evolution of Shared Services

The evolution of Shared Services

3rd Shared Services Conclave

Gaurav Duggal
Financial Controller
Aircel

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The evolution of Shared Services The evolution of Shared Services Presentation Transcript

  • The evolution of Shared Services
  • Story @ Aircel POA PROCESS  Standardized processes  Process based accountability Fixed Business Impact High Low POD PROCESS  23 Circles doing similar activities differently  Control gaps + Inefficiencies  Clearly articulated roles and responsibilities  Risks Mitigated  Value addition to Business  People over-dependence  High degree of supervision / oversight  Hypothetical barriers created by different quarters  Lack of control focus  “Don’t Give Up Quality for Speed” , Establish and monitor Key Success Factors
  • From Capture to Community Transaction Capture Operational Accounting GL Accounting Ledger Close Consolidation • Quality & Productivity Impact • Establish credentials • Leverage cost advantage • E2E Ownership of key processes • Meet Service Level Expectations • Strong Internal Business Partner Management Reporting External Reporting •Manage Strategic processes requiring strong business knowledge • Cash flow models / underwriting • Equity / financial research • Business and market research •Create Best Practices and Centers of Excellence Business Impact •Create Innovation & Profit Impact Adding business impact as new capabilities are added to the service portfolio Knowledge Process Outsourcing E2E Process Capability Transaction Processing Capability 3
  • Ensuring Integrity of Financial Statements • Reconciliations - System & Accounting • GAAP Compliance • Segregation of duties • Trend Analysis Monitoring Policy Compliance • Completeness Testing • Secondary Review Internal Checks • SOPs • Metrics & Dashboards Standardization • Process Based Organization Controls & Compliance Control Self Assessment Automation • Reduction of Manual Entries • Minimizing hand-offs 4 • Control Testing • Audit : Internal & Statutory
  • Key Learnings • It is critical to plan ahead of time Planning • Seek approvals for Resources • Execution Involve all stakeholders at planning stage • Follow phased approach for Large projects • Handover from Giver to Receiver MUST be rigorous • SOP’s & Performance management dashboards Quality • Instill Quality mindset from the start • Reinforce through employee training • Internal customer relationship management Communication • Reaching out and relationship building • Keep close contact with the Business 5