Introduction There are many types of master data within every business, including employee, supplier, customer, material, and financial. Leading companies are keenly aware of the importance of Master Data Management, and the role that Shared Services can play to ensure that Master Data processes are properly designed and administered. Master Data Management – creating the […]
Introduction Before the move to Shared Services, when it was typical for each physical location to have staff with responsibilities for paying employees and paying vendors, the process for managing the compliance and reimbursement portion of the Travel process was commonly included as a part of the Accounts Payable organization. Today, with the consolidation of […]
Introduction Robotic Process Automation (RPA) and Artificial Intelligence (AI) solutions hold promise to completely change how work gets done across the enterprise, with a significant impact on Shared Service work processes. Instead of building custom technology solutions, RPA/AI allows companies to automate routine work processes that require access and manipulation of information from different systems […]
Introduction While Direct Deposit continues to be the most prevalent employee payment mechanism, Pay Cards can be used as an effective alternative to paper checks for temporary (seasonal) company employees and for individuals considered non-bankable. By electing to use the Pay Card, employees receive their net pay in a secure account that is set up […]
Introduction Lean Six Sigma (LSS) is a methodology utilizing a set of strategies & data-driven tools to improve processes in terms of cost, quality & time. Lean is a systematic method for the elimination of waste, while Six Sigma is a set of tools & techniques for process improvement, mainly focused on reducing variation & […]
Introduction For Accounts Payable departments which are processing thousands of transactions every day, while it’s helpful that a high percentage of transactions are automated using ERS (Evaluated Receipts Settlement), where no invoice is required to generate payment), EDI (where invoice information is received electronically using defined formatting standards), or Purchasing Cards (where purchases are made […]
Introduction Most will agree that knowing the actual details of how your peers are designing work processes and implementing new technologies will provide the clearest road map for a successful implementation. By developing an accurate perspective on what is possible, what the obstacles are, and the possible missteps along the way that are best avoided, […]
Introduction The use of collaboration software, such as SharePoint, has been growing in popularity over the past few years in many Shared Services operations. While how it is being utilized can vary significantly among companies, many innovative applications have been created that have improved processes and enhanced communication. While most Shared Services organizations just use […]
Introduction A significant percentage of large corporations utilize highly advanced ERP systems, such as SAP and Oracle, which have AutoCash rules to determine how to automatically apply for customer payments. These advanced systems use the customer’s open balance, along with the AutoCash rules set up in the ERP, to determine how to apply receipts and […]
Introduction An effective policy can be a critical success factor for any Purchasing Card (PCard) program. While the investment in time and resources to create a new policy (or update an existing one) can be significant, this effort can result in streamlined program administration, better controls, higher overall levels of cardholder satisfaction, and increased card […]