Last Updated on 17 September 2023 at 15:49
Shared services are about centralizing support functions. By centralizing support functions like Human Resources (HR), Information Technology (IT), and finance, organizations can eliminate redundancies and improve service delivery. This model promotes consistency and scalability and can lead to significant cost savings.
For example, many multinational corporations have shared service centres that cater to multiple regions or functional departments. By having a single IT helpdesk for an entire organization, companies can ensure standardized IT support and reduce the overheads of having multiple helpdesks.
However, centralization can also lead to a disconnection between the shared service centre and individual business units. To mitigate this strategic risk, it is crucial to maintain open channels of communication. Regular feedback loops, stakeholder meetings, and alignment sessions can ensure that the shared service centre remains in tune with the evolving needs of the business units.
Training employees in multiple skills or roles ensures they can be deployed in different areas as needed — the cross-training to wear multiple hats. This approach not only improves operational flexibility but also fosters a collaborative culture.
However, the expertise might sometimes be diluted, so this approach must only apply to specific functions and departments. While departments like sales, marketing, and human resources benefit immensely from multi-skilled professionals, it is not because these functions seem ‘easier’ to cross-train. The real value lies in the amplified impact that multi-skilled individuals can bring to these roles.
Startups offer a clear example of this. In the early stages, it is not uncommon to find employees oscillating between roles, from handling customer queries one moment to brainstorming product development the next. Being agile can give any organization a major edge, especially in the rapidly changing startup world.
Boosting inter-departmental and inter-functional synergy can use different tools and methods to break down departmental or functional silos and ensure that different parts of the organization work cohesively.
Promoting synergy across departments is about more than just cross-training. It is about creating an environment where collaboration is the norm, not the exception.
Tools like Trello or Slack can facilitate communication across teams, while regular inter-departmental meetings can foster a sense of unity and shared purpose. It is not only about making everyone do everything but about maximizing the collective skill set.
Consider a company launching a new product. The marketing team, equipped with insights from the sales team (thanks to regular inter-departmental catch-ups), crafts a compelling advertising campaign. Simultaneously, having collaborated with customer service, the product team ensures that common customer queries are preemptively addressed in the product’s FAQ section.
📥 Download eBook, pdf, or receive a print paperback
This post is a concise extract from our latest business publication.
We recommend acquiring the complete book “The Business Snyergy Blueprint — Creating a Powerful Ecosystem for Organizational Growth“. This book is for you if you seek actionable insights and industry-specific strategies. Dive into detailed case studies, expert analyses, and proven methodologies tailored for today’s dynamic business landscape.
You can download this book as a .pdf or Kindle format or receive a print paperback format.
FinTech Wealth Management expert with 30 years of successful track record, from Unicible/BCV to Odyssey and Temenos, plus hundreds of important banks across EMEA, APAC, and NAM.
► Background — from C-language code to C-suite in 30 years
• WealthSuite Triple’A Temenos TAP Plus expert
• crisis & change management
• complex multi-level project – program – portfolio management
• process architecture & governance, process optimization, BPO
• financial services software engineering FS FinTech
Career start as an innovative software engineer in startups ► to strategic advisory & turnaround for Tier1 & Tier2 Banks at senior C-level.
• T-shaped mastery of the latest key technologies, business, and operational practices in retail banking, asset management, core banking, PMS.
• Keen focus on improving productivity, client retention, and revenues through expertise in Program Management, Process Governance, and Optimized Delivery, augmented by know-how in complex issue resolution and value-driven E2E end-to-end implementations.
Temenos Practitioner accredited across WealthSuite and FrontOffice domains (FO, PM, TTI). Certified modules include Scripts & Formats, Implementation Methodology (T3TIM), Channels PM, APA Attribution, Constraint Management, Order Management, Data Security, WealthSuite Portfolio Management, and T24 Triple’A Interface. The Practitioner status anchors Didier’s capacity to operate as a Transformation Director, bridging certified product mastery with execution governance and program recovery.
Disclaimer —
The views and opinions expressed in this publication are those of the author, Didier Debbaut, and do not represent the views, positions, or policies of Temenos AG, its affiliates, clients, or partners. All information is shared in good faith and in the spirit of professional exchange, as part of an open, constructive contribution to the FinTech and WealthTech community.
Any technical references, opinions, or analyses are based solely on publicly available information and the author’s independent field expertise. They are offered for general informational and educational purposes only.
No confidential, proprietary, or non-public information related to Temenos products, clients, or business operations is disclosed or implied.
© Didier Debbaut — All rights reserved.
Learn when to choose High Availability, Fault Tolerance, or Disaster Recovery in Azure. Didier Debbaut maps costs, risks, and execution trade-offs.
Mixing #Agile with #Waterfall ? Think of it as a cake with the chocolatey structure of Waterfall and the creamy flexibility of Agile. The cherry on the cake is the best of both worlds, and this is how you can win at #software #development and #project #management.
The debate between Agile and Waterfall is not a zero-sum game. Each methodology has its merits and drawbacks, and the choice between the two is often dictated by the specific requirements and constraints of a project or program. However, for projects that demand both structure and flexibility, a hybrid approach can offer a balanced solution.
In practice, it is not about choosing between Waterfall and Agile; it’s about knowing when to use each. Structure and flexibility are complementary and not mutually exclusive. So, the next time someone tries to sell you on the “one true methodology”, remember: the most innovative solutions often come from combining the best of multiple worlds. It’s not about only waterfall or agile, but a lot of other methodologies, too.
Our latest publication explore the complex world of FinTech, focusing on the role of DevOps. Written by Didier Debbaut and Elena Debbaut, both experts in Software Wealth Management and Turnaround & Crisis Management, the piece aims to offer a comprehensive and nuanced understanding of DevOps’ strategic imperatives in the FinTech sector.
