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Monday, August 05, 2013

Viewpoints: Shared financial services - one size can fit all

March Office of Management and Budget memo to all agency heads, called “Improving Financial Systems Through Shared Services,” signals further movement to shared services for common financial systems and operations and an emerging acceptance that one size can fit all.

We’ve heard this before, but it hasn’t come to fruition. What will be different today? Key developments are changing the landscape. 

First, technological advances allow us to more easily leverage the benefits of shared services. 

Second, facing difficult budget limits and an administration committed to changing a culture of expensive, customized systems, agencies have little choice but to embrace shared services. 

Third, high-performing finance organizations recognize they can add greater value by supporting program and enterprise management through more analytic roles, and by reducing costs by moving to shared service providers (SSPs) for routine transaction processing.

A concerted move to SSPs will require truly transformative change. It won’t happen overnight, and people, processes and procedures will need to be re-examined and adapted to a more efficient and productive way of doing business. 

We suggest 10 actions to help pave the way: READ MORE...

-Jeffrey Steinhoff and David Fitz, FederalTimes.com
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