This dissertation explores and analyses the elements that determine the effectiveness of a Financial Shared Services (FSS) model in Europe through the identification and focused discussion of key contributing factors towards the successful and productive implementation of the FSS. In particular, this dissertation focuses on identifying a proposed model composed of critical steps required to increase the chances of successful FSS implementation. Particular importance is given to understanding the impact of a clear corporate strategy in the context of shared services, mandate, levers of success, and organisation and governance which are most important in supporting the effective execution and sustaining the process of successful FSS implementation.The second part of the dissertation examines the most commonly used levers of effectiveness: people, process, technology, location, and organisation and governance which individually act as variables that determine the level of effectiveness of a Financial Shared Services Centre in Europe. Although each of these levers contributes a different value and associated benefits to FSS implementation, research shows that the people factor is the most significant and the most important element. Consensus among the research subjects affirms that without the right people, success would not be possible in setting the process in motion and delivering the end product. On the other hand, once successfully executed, the greatest effectiveness in reducing the cost and obtaining the financial benefits is achieved by the choice of the appropriate location and the continuous improvement in processes and technologies.The findings of the research confirms that Financial Shared Services is the next natural step in the evolution of an organisational structure which needs to effectively respond to the pressure of a competitive market and an ever-changing regulatory environment. Inspired by the need to positively respond to increasing risk and technological innovation; Financial Shared Services proponents show that this strategy offers an ideal platform for the standardisation of global processes and a rapid implementation of new technologies to enhance automation. Furthermore, this proposed model enables companies not only to upgrade their people, process technology, and organisational structure, but also ensures the realization of significant cost savings for implementing financial services reaching up to 65%.
|Qualification||Doctor of Business Administration|
|Award date||27 Mar 2016|
|Place of Publication||Australia|
|Publication status||Published - 2016|