6. Challenge: Managing Technological Complexity

Implementing a shared services model often involves integrating disparate technologies and systems, which can be a significant challenge. Legacy systems, data silos, and differing technology platforms across business units can hinder the smooth operation of shared services.

Solution: Invest in Technology Integration and Future-Proofing

• Conduct a Technology Audit: Start with a comprehensive audit of existing technologies across business units. Identify areas where systems can be consolidated or where new technology needs to be implemented.
• Invest in Integration Solutions: Use integration platforms and middleware to connect disparate systems. This ensures that data flows smoothly between different functions and reduces the complexity of managing multiple technologies.
• Adopt Future-Proof Technologies: When investing in new technology, consider its scalability and adaptability to future business needs. Cloud-based solutions, automation tools, and data analytics platforms are examples of future-proof technologies that can support the evolving needs of shared services.

Case Example: A multinational retail company faced challenges with disparate IT systems when implementing shared services. By investing in a cloud-based integration platform, they were able to consolidate their systems and streamline operations across their global offices.