Top 10 Digital Transformation trends in global business services for 2023

Global business services utilization has been rising and is expected to continue. Companies are eager to implement GBS because it saves money, improves processes, and increases control over worldwide operations. Top 10 GBS trends for 2023:

1.????Hyper automation will continue to deliver GBS efficiencies and business value. Hyper automation automates human-performed jobs using AI, ML, and RPA. Hyper automation improves productivity and reduces costs in shared services businesses. Data entry, document processing, and customer support can be automated via hyper-automation. Hype automation can improve shared services by ensuring tasks are executed precisely and on schedule. Hype automation can boost customer satisfaction by resolving issues faster and offering more consistent service.

2. Shared services and global business services will use more data and analytics. Shared services use data and analytics solutions extensively, and this tendency will continue. Shared services will leverage data and analytics to help enterprises. Data analytics identifies issues, patterns, and future behaviors. This data can improve service delivery, cut costs, and boost efficiency. Data analytics can measure shared services' impact on business outcomes. Businesses may improve their offerings by leveraging data and analytics to understand how shared services are used and impact business processes. Data and analytics are critical for shared services to bring value to organizations and satisfy their needs.

3. In shared services and global business services, customer experience will be crucial. Shared services provide HR, IT, and finance to enterprises. Clients have recently anticipated a seamless and personalized experience from shared services. Whether captive or outsourced, customer experience is vital. Self-service portals and live chat will help shared services improve client experiences. SSCs can get customer insights using data analytics. This data can be utilized to design customer-focused strategies. SSCs focus on client input to improve service quality. By investing in customer experience, shared services may remain ahead of the competition and give customers more value.

4.?AI and machine learning will increase shared and global commercial services. Shared services firms are increasingly using AI and ML to improve Procurement, Supply Chain, HR, and Contracts. With AI and ML, shared services increase value and improve efficiency. Shared services firms can use predictive analytics to identify procurement risks and possibilities. This information can be utilized to negotiate better vendor contracts and save money. AI can help Procurement optimize its sourcing strategy or reduce supplier risk. AI and ML can optimize supply chains to deliver commodities on time and efficiently. AI and ML can automate onboarding and performance reviews in HR. This frees HR personnel to focus on more strategic objectives. AI and ML improve contract management. AI and ML can help firms prevent costly delays or blunders in contract management by highlighting potential difficulties. Using AI and ML, shared services enterprises can boost productivity and save money across functions.

5. Shared and global business services will increasingly leverage RPA and intelligent data capture. RPA automates rule-based human jobs using a digital workforce. RPA has been around for a while, but its application has exploded across industry verticals and process types in recent years. RPA is utilized in shared services like order-to-cash, procure-to-pay, time and attendance, HR onboarding, benefits enrollment, etc. RPA and intelligent capture can automate these procedures end-to-end. RPA can be utilized for MDM, reconciliations, and R2R procedures. RPA improves processing time, accuracy, compliance, and customer experience. Shared services are adopting RPA across workflows, and it's here to stay.

6. Shared services and global business services will employ process mining more. Process mining employs data mining to uncover, monitor, and enhance business processes. Process mining analyzes massive data sets to uncover bottlenecks, inefficiencies, and process improvements. Process mining helps shared services firms find hidden patterns in their data to optimize operations. Process mining can help automate processes or improve customer service by analyzing customer service data. Process mining helps shared services firms improve financial management by examining financial transaction data. Process Mining can generate digital twins of processes to examine multiple scenarios and estimate change impact. Process mining can improve shared services and global business services operations.

7. Shared services and global business services will increasingly use blockchain. Blockchain offers safe, transparent, tamper-proof transactions. Blockchain is a decentralized, consensus-based platform that anybody may utilize without middlemen. Shared services firms can utilize the blockchain to record transactions securely. This is useful for accurate and transparent processes like procure-to-pay and order-to-cash. Blockchain creates digital identities for employees, customers, and suppliers. This reduces fraud in shared services and global business services.

8. iBPMS and Content Services will gain popularity. In the next few years, shared services firms will embrace intelligent business process management (iBPMS) and enterprise content management (ECM)/content services platforms, including document collaboration and knowledge sharing. These solutions improve shared services' efficiency, quality, and prices. These solutions offer several essential features for shared services, including the ability to automate critical processes and integrate them into existing ones, the ability to scale to meet the needs of a large number of users, the ability to support multiple languages, and the ability to enable real-time collaboration using a single source of truth, leading to better control and decision making.

9. The chief shared services officer (CSSO) role will evolve:??The CSSO oversees shared services strategy, governance, and delivery. CSSO's function will grow as shared services become more complicated and tech-driven. The CSSO must understand how to use technology to improve operations. They must also manage and motivate skilled shared services professionals. The CSSO's function is becoming more strategic and technology-focused, and this tendency will continue.

10. Sustainability is a top priority for enterprises worldwide, including shared services. ESG describes the three pillars of sustainability: environmental, social, and governance. Shared services can reduce environmental impact and promote social responsibility by supporting sustainability initiatives. Shared services can improve employee well-being and implement energy-efficient techniques. Shared services can help with sustainability reporting and transparency. So, shared services can help achieve sustainability goals.

Each trend offers commercial prospects. GBSs that adopt these trends will thrive in the digital era and create higher business value.