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Functional Shared Services

Definition: Functional Shared Services centralize administrative functions (e.g., HR, finance, IT) into a single unit that serves multiple divisions within an organization, improving efficiency and reducing costs.

Key Components:

Centralization: Pooling resources for shared use.
Standardization: Uniform processes across divisions.
Cost Allocation: Divisions share the cost of services.

Benefits:

Cost Savings: Reduces redundancy and operational costs.
Process Efficiency: Streamlines administrative functions.
Scalability: Easily scalable for growing businesses.

Future Trends:

Automation: Increasing use of AI in shared services.
Global Shared Services: Serving a multinational workforce.
Performance Analytics: Data-driven insights to optimize shared services.

Other Terms:

No glossary files available.