Changing consumer behavior, disrupted supply chains, virtual and remote workforce are significant business impacts that businesses worldwide had to quickly adapt to during the pandemic. And these changes are here to stay.
Today, the demand for the digital transformation of end-to-end processes within order to cash function is increasingly gaining prominence – GBS is going digital! The GBS organizations that adapted well to the changing demands of all stakeholders – internal and external, in general, already had active, well-coordinated, and highly functional strategies in place, which provided them the support they needed.
According to a Mckinsey survey, “More than 90 percent (of GBS organizations) reported that they had effectively scaled up the remote-delivery model, with virtually no loss of productivity — and without harming client-service experience or employee experience.”
The Shared Services models evolved into GBS with the primary objective of being a cost-saving center. But, today, GBS organizations can be the catalysts of value creation by adopting digitalization and advanced technologies like Artificial Intelligence (AI). According to digital transformation guru and GBS expert Tony Saldanha, there are four stages to shared services maturity:
“To really push their GBS to the next level, they need to compare themselves to start-ups. They want to have start-up like agility, 10 times the current speed of decision making and two times the current cost-efficiency of a large company,”
Tony Saldanha,Co-Founder, Inixia
Here are three primary ways GBS organizations can improve their game and get to stage four of the maturity curve.
2. Making Smart, Data-Based Decisions: It’s not an unknown fact that GBS organizations are a gold mine of data. They can use AI’s advanced algorithms and analytics to mine this data and make informed business decisions. Citing his days at P&G GBS transformation, Saldanha recalls, “You have the ability to leapfrog, you cannot spend all of your time on just continuous automation and continuous improvement. Even though there were no such terminologies as big data or data scientists 10 to 12 years ago, we (at P&G) assigned a dedicated business analyst to analyze data and create value out of it and changed things by leveraging technology.”
3. Innovating with Exponential Technologies: Change of mindset is highly crucial for GBS leaders to adopt advanced technologies. Instead of asking, “is the technology ready for your GBS?” they need to identify the areas ready to implement the technology. GBS leaders need to think about use cases, for example, deploying AI to automate A/R processes such as claims and deductions or using Blockchain to disrupt supply chain models.
Along with the above mentioned steps, Tony Saldana’s advice for GBS organizations is to adopt Google’s 70-20-10 model; where 70% of the organization’s effort is running operations. 20% is continuous improvement, and 10% is actually to disrupt.
The GBS industry will double in size in the next five years and become the most important asset to accelerate digital transformation. So the timing is perfect for GBS leaders to reevaluate and remodel their organization to become the catalysts of innovation.
Gain in-depth insights and detailed technology use cases for GBS leaders by the expert, Tony Saldanha, Co-Founder, Inixia.
Positioned highest for Ability to Execute and furthest for Completeness of Vision for the third year in a row. Gartner says, “Leaders execute well against their current vision and are well positioned for tomorrow”
Explore why HighRadius has been a Digital World Class Vendor for order-to-cash automation software – two years in a row.
For the second consecutive year, HighRadius stands out as an IDC MarketScape Leader for AR Automation Software, serving both large and midsized businesses. The IDC report highlights HighRadius’ integration of machine learning across its AR products, enhancing payment matching, credit management, and cash forecasting capabilities.
In the AR Invoice Automation Landscape Report, Q1 2023, Forrester acknowledges HighRadius’ significant contribution to the industry, particularly for large enterprises in North America and EMEA, reinforcing its position as the sole vendor that comprehensively meets the complex needs of this segment.
Customers globally
Implementations
Transactions annually
Patents/ Pending
Continents
Explore our products through self-guided interactive demos
Visit the Demo CenterPlease fill in the details below
Please fill in the details below
We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
Trusted By 800+ Global Businesses
HighRadius Corporation
2107 CityWest Blvd,
Suite 1100,
Houston, TX 77042
