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Shared Services Market Segmented By function such as CRM, F&A, HR, IT and SCM
Organisations have started to centralize their back-end services for cost saving purpose. The different divisions or subsidiaries of an organisation can share internal functions or non-core company activities such as inventory, hiring, payroll, finance, purchasing, and information technology through shared services. Shared services help in cost reduction which would otherwise be higher if these services are taken separately by different divisions of a company.
Majority of the companies globally use shared services. Further, the market is expected to grow at a rapid pace due to increase in number of deals in shared services market across public and private sectors. Shared services save approximately 20 to 30% of the cost which motivates the companies to adopt this service.
Apart from being cost efficient, shared services also provide process efficiency to the companies. All the internal functions are standardized using shared services, therefore making the whole process smooth and efficient. Location proximity is also one of the important drivers for shared services market
However, implementing shared services is a complicated process as it requires change in the entire infrastructure and business process of the organization. It also takes a lot of time to implement shared service across the organization.
Robotic process automation is a major trend prevailing in the shared services market wherein enterprises focus on reducing manual work by introducing robotic software to do the repetitive tasks. Process automation reduces redundancy along with delivering expected output while cutting down on costs.
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Some of the prominent players in the shared services market include Accenture, Infosys, IBM, Symantec, Oracle, Cognizant, Hackett Group, TCS, SAP and Atos among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.