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Enhancing Value with Your Shared Services Center
Josephine Wang Senior Director GFS Asia Site Lead Pfizer Finance Shared Services Jenny Cui Director, Financial Shared Services Center, China TE Connectivity
Facilitated by: Jessie Hsiao Executive Director, TS Solutions Treasury Services, Asia Pacific J.P. Morgan
1
Shared Services position in centralization
Operating Model used to consolidate and deliver services that may have previously been distributed and replicated across multiple locations, divisions or business units
Corporate Strategy to separate operational tasks from corporate headquarters
Functions most likely to be consolidated within a shared services structure - Finance, HR and IT
What is Shared Services
Cost Reduction
Stable finance costs during business growth and expansion
Scalability
Process Simplification requiring fewer resources
Opportunity to move to a lower cost environment
Process Efficiency
Process efficiency and standardization
Transfer of expertise
Ability to automate
Access to data
Risk and Controls
Greater transparency over processes and data
Consolidate vendors banking and technology
Easier to measure compliance and performance
Benefits
Although Shared Services is a mature concept it continues to remain a focused strategy for CFO’s globally. The next generation includes new entrants from emerging businesses expanding across markets, higher value processes and optimized service delivery
Technology Leveraging ERP investments
Banking Infrastructure
Workflow Tools, Self Service and Mobile
Standardization Industry Standards – SWIFT, ISOXML
National Clearing Initiatives - real time payments across Asia, SEPA standards in Europe
Key Enablers
2
Shared Services Center (SSC) value proposition Shared services organizations drive overall operating efficiency and increased control by centralizing transaction processing and reporting functions for all subsidiaries
Transaction Processing AP AR Payroll Travel and Expense
Accounting and External Reporting
Consolidate
Process Re-engineering
Bank and Account Rationalization
System and Interface Consolidation
Shadow Process Elimination
Customer Service Orientation
Standardize
Eliminate Bottlenecks
Leverage Technology to Increase Automation
Provide Streamlined Data for Business Decisions
Outsource Processes, if Non-Core
Simplify
Operating Efficiency Mitigating Risk
Lower Costs Economies of Scale Labor Cost Arbitrage
Straight through Processing
Straight through Reconciliation
Effective Controls at Hub vs. Dispersed Locations
Fewer Vendors to Manage – Banks and Technology Providers
Easier to Measure Process Efficiency Performance
Shared Services Center – Value Proposition
3
Service delivery model considerations There are three main models that companies utilize for shared services, during the feasibility phase of your journey you should consider all against the drivers for your organization
Captive Shared Services Outsourcing (BPO) Hybrid (Captive + BPO)
Shared services center run in house “captive”
Shared services run in house with selected functions outsourced to a
business process outsourcing company
Finance functions selected for centralization are outsourced to an
outsourcing company
Outsourcing
Business process outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of a specific business process to a third-party service provider
Back end processes , specialist, niche Offshore or “near shore” (same country)
Benefits Expertise in functions and access to talent Availability to technology that can automate and standardize quickly Business model means that continuous improvement, service level agreements and performance indicators have high focus
Considerations
Availability of talent – company size Business control – flexibility considerations and whether outsourcing can allow Continuous improvement culture – access to best practices and lean six sigma experts Risk - finance is core to your business
4
SSC maturity roadmap
Stage 3
Stage 2
Stage 1
Time
Maturity
Strategic Business Enablement Business Intelligence, Collaboration, Capability, Flexibility, Agility
Operating Excellence Best Practices, Decision Support, Cash Optimization, Response Time, Low Error Rates, High Compliance
Complexity Reduction Eliminate, Simplify, Automate, Consolidate, Globalize, Visibility
Shared Services
Continuous Improvement Technology Improvement Automated Processes Centers of Excellence
Non-Traditional Centers of Excellence Commercial Profile Innovation
Decentralization
Stage 0
Complexity Duplication, Non-standard, Increased Errors, Low Visibility, Manual processes
Finance functions need to be flexible to respond to changing demands, through continuous efficiency and productivity improvements centres can self fund initiatives and move toward value creation
Source: The Hackett Group
5
Shared Services trends Shared Service Organizations must ensure that their operating model is optimized to improve their ability to respond to change faster and to expand their businesses into new and existing markets
Optimizing Service Delivery
Cost reduction is no longer the sole driver for shared services value Quality and productivity are key focus areas however staff knowledge of the business unit objectives is
becoming a differentiator Continuous Improvement is rated the top initiative amongst JPM Shared service organization clients to
driving process excellence and meeting SLA’s Shared services are being used to drive compliance with regulatory requirements and internal controls
Approach to Structuring Companies are looking for a more geographically balanced delivery capability including more regional centres closer to customers key markets
Cost advantages from initial setup have been eroded due to inflationary economy leading to corporates utilizing hybrid models: Hub & Spoke (main centre close to HQ, spoke centre in 2nd/3rd tier cities), Captive and BPO
Countries that may need satellite centres incl. China, Japan and Russia due to local language & complex processes
Competitive Advantage Expanded scope – New markets, New Functions, Global Business Services Knowledge Based Talent : Non-transactional Activities Technology investment to improve productivity and enhance analytic capabilities
Business Intelligence Many Shared Services have streamlined their process delivery and are now ready to focus on strategic analysis and business insights
Move from providing reports to business insights and predictive analytics Future predictions are that analytics will move beyond ERP to third party platforms, cloud computing and
robotics (RPA – Robotic Process Automation)
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Optimize scope of Shared Services Center Majority of SSC’s that have been operating for 2 years plus will look at expanding the usage of the centre year on year
PROCESSES Keep reducing
finance costs in country
Centralize more processes
GEOGRAPHIES Economies of
Scale: larger volume
More countries More entities
CAPABILITIES Leverage specialists
across entities Fast integration of
new business (M&A)
Source: 2015 Deloitte Shared Service Survey
More
Processes
More
Capabilities
More
Geographies
SSC
Invoice Processing
Accounts Payables
Accounts Receivables Accounting Payroll T&E Collections
Typical order of Finance function migration to SSC JPM supports multiple MNC clients running global SSC’s that have successfully integrated the below functions for Asia, EMEA and US*
How do you expect your SSC to grow in the next 3 – 5 yrs?
58%
58%
60%
50%
44%
44%
23%
23%
11%
13%
16%
9%
# of transactional processes in SSCs
# of knowledge-based processes inSSCs
# of functions served by SSCs
% of internal business units served bySSCs
# of geographies/regions being servedby SSCs
# of customer-facing processes inSSCs
Increase somewhat Increase significantly
* Note : There are some processes that may need to remain in country due to complex processes, local language or regulatory requirements
7
Optimization: Technology & Payments Cost Reduction &
Efficiency Companies are reducing payment transaction costs by increasing use of electronic payment methods Electronic payments growth globally is expected to grow by 15.9% in 2015* Manual processes are being targeted in the Procure to Pay process to reduce costs and increase automation Centralization has showcased efficiencies that can be achieved through strategic management of payment run
frequency
Standardization Digital sending of data across end to end process – scanners, encrypted emails, host to host Move to bank agnostic technology (SWIFT) Adoption of industry standard data formats (ISO 20022) for more efficient processing. Increasing use of industry solutions such TMS and ERP eg. SUNGARD, SAP, Software as a Service
Payment Clearing Infrastructure
Developing countries in Asia are upgrading from basic clearing and settlement infrastructure to a more efficient, digital treasury . Improved payments infrastructure, e.g., CNAPS II – nationwide clearing infrastructure with more robust standards (China) NACH – automated settlements with standardized HV / electronic transactions (India) G3 FAST provisions in Singapore, Interbank GIRO in Malaysia
SEPA standards in Europe that integrate ACH schemes, formats and systems
Cyber Security 60% of organizations–both public and private and across sectors–experienced attempted or actual payments fraud in 2013**. This fraudulent activity costs the global economy an estimated USD 400 billion each year. Companies are reviewing payments processes and increasing controls by reducing check payments,
introducing host to host , removing manual payments entirely
Internet Banking Banks investing more and more in innovative technology solutions in mobile / smart banking
Move from PIN technology to biometric identification (e.g. Voice and swipe)
Virtual Branches for submission of supporting documents
Source*: World Payments Report 2014; ** Payments Fraud and Control Survey, Association for Financial Professionals (2014)
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Optimization: Receivables Processes Many SSC’s have mastered payments but efficient centralized processing of receivables has been more difficult...
Order To
Cash Cycle
Seller PO Receipt and Approval
Deliver Purchase
Issue Invoice
Open Accounts Receivable
Invoice Review and Approval
Payment Initiation
Payment Receipt
Accounts Receivables Application
1
2
3
Purchase Issuance
Timeliness Quality of Purchase Accuracy Satisfaction
Customer Payment Matching Process
Dispute Process Partial Payment Non Payment Credit Notes Payment Schedule
1 2 3
Payment Details Payment Method - paper Information Accessibility Exceptions Resolution
Order To Cash Cycle Complexities
9
Shared Services Risk and Control Shared Services enable transparency across service and better control over the way processes are executed. Strict policies on processes are required to prevent fraud and breaches of regulation
Business Continuity
Key Risk and Control Focus for SSC’s for 2017 and beyond
Best Practices Have a defined business continuity plan for each core payment process that your centre
manages
Given the rapid changes in today’s world
Test your plan on an annual basis to ensure it works
When changes are implemented always include assessment of business continuity process so process remains relevant and accurate
Payments Fraud
Cyber Security
1 2 3
Business Continuity Trends Increase in requests for end to
end business continuity testing
Requirement for detailed plans on what happens when payments can be made through BAU channels within the business
10
Shared Service Centers in China – An Overview Top 5 Global SSC Locations for each Geographic Scope
USA, 24%
USA, 17%
USA, 18%
USA, 8%
Brazil, 5%
Brazil, 7%
Brazil, 12%
Argentina, 6%
Japan, 9%
China, 6%
China, 7%
UK, 10%
UK, 5%
India, 23%
India, 8%
India, 7%
Spain, 6%
Philippines, 6%
Poland, 6%
Malaysia, 5% Global
Multi-Regional
Regional
Local
Local: provides services to a single country; Regional: provides services across countries in a single continent; Multi-Regional: provides services to countries in two continents; Global: provides services 3 or more continents
Source: China Shared Services Market Report 2015, KPMG’s Inside the Dragon 2013: Outsourcing Destinations, 2015 Global Shared Services Survey – Deloitte, Overview of Shared Services Globalization in APAC, Talent Neuron
Activities per geographic region
0102030405060708090
100
BPO Callcenter
Supportcenter
Financialcenter
Combinedservices
IT R&D
India China Rest of Asia CEE+ Russia Others
Overview
Majority of the SSCs in China support the huge domestic market and regional markets given the language capabilities
Recently, China has witnessed rapid expansion in its Shared Services space led by strong Government support and investment, and growth in its existing giant talent pool
China has shifted from its strategy of being a low cost advantage to being able to provide quality and value added services Continued growth in SSC is dependent on unique products / services,
innovative business models and developing talent and technologies in China
Increasing number of R&D, IT and Finance activities are being performed from SSCs located in China
China is on the path to develop 21 designated cities specializing as outsourcing centres
11
Financial SSCs dominate the landscape across wide range of sectors in China
Basic materials 4.6%
Consumer goods 22.1%
Media 0.4%
Consumer services 10.2%
Financials 18.0%
Utilities 1.5%
Technology 11.2%
Healthcare 7.5%
Oil & Gas 0.7%
Industrials 22.5%
Telecommunications 1.3%
SSCs distribution by Function
Source: Enter the Dragon: The Rise of Chinese Shared Services Centres, Shared Services China: Survey Report 2014
Financial processes performed by SSCs
SSCs distribution by Sector
HR processes performed by SSCs
Financial SSC 47%
Combined services SSC
28%
Human Resources
SSC 20%
Global Business Services
5%
86.2% 75.9%
72.4% 69.0% 69.0%
48.3% 44.8%
37.9% 31.0%
27.6% 24.1%
20.7% 20.7% 20.7% 20.7%
17.2%
Accounts payableTravel expense
General accountingAccounts receivable
PayrollFinancial management reporting
Cash managementCollections and billing
TaxFinancial risk management
Credit managementTreasury
Internal auditBusiness analytics
ForecastingBudgeting
93.1%
41.4%
37.9%
34.5%
34.5%
31.0%
24.1%
24.1%
17.2%
13.8%
Payroll
HR administration
HR reporting
Call center management
Recruiting and staffing…
HRIS maintenance and support
Total rewards administration
Talent management…
Employee and labor relations
Workforce analytics
12
Asia Pacific location considerations Asia continues to dominate as an outsourcing location with India, China, and Malaysia the top three destinations
Rank Country Financial
attractiveness
People skills &
availability Business
environment Total score
1 India 3.22 2.55 1.19 6.96
2 China 2.28 2.71 1.51 6.49
3 Malaysia 2.75 1.42 1.89 6.05
5 Indonesia 3.23 1.54 1.22 5.99
6 Thailand 3.04 1.44 1.44 5.92
7 Philippines 3.17 1.43 1.29 5.88
12 Vietnam 3.19 1.25 1.22 5.66
The weight distribution for the three categories is 40:30:30.
Financial attractiveness is rated on a scale of 0 to 4, and the categories for people skills and availability, and business environment are on a scale of 0 to 3.
The 2016 A.T. Kearney Global Services Location Index
Opportunities Access to talent becomes a consideration as popular locations struggle with attrition
Local language is a major consideration when supporting Asia processes, typically China is serviced from China
Tier 2 and Tier 3 cities within top locations have become popular due to rising costs in major cities such as Mumbai, Shanghai and Kuala Lumpur
42%
24%
16%
7%
5%
2%
2%
2%
Close proximity to current operations
Labor cost
Labor availability
Labor quality
Close proximity to headquarters
Cultural synergies
Risk profile
Tax, regulatory, legal impacts
Most important factors in selecting locations
Source: Global Shared Services Survey 2015, Deloitte
13
Geographies served and maturity of SSCs in China More than 50% of SSCs in the consolidation and standardization phase
Geographies supported by SSCs in China
China 50%
APAC only 37%
Global 13%
Key Takeaways
Majority of the SSCs in China support the huge domestic market and regional markets given the language capabilities
Government has taken various initiatives to encourage setting-up of global SSCs in China by developing industrial / development zones, having training institutes to cultivate professional talent, improving the quality of education and establishing special funds to provide financial support
China’s State-owned Assets Supervision and Administration Commission (SASAC) directed 130+ large-scale State-owned Enterprises (SOE) to set-up their own Finance SSCs in order to increase control and improve financial visibility of the SOEs
Until now, MNCs have been the most active players in the SSC industry but in the medium term it is expected that the Government will become one of the biggest sources of revenue and catalyst of growth in the industry
0–3 years 39%
3–5 years 16%
5–10 years 24%
Planning & Building Phase 21%
Maturity of SSCs in China
Source: China Shared Services Market Report 2015, Enter the Dragon: The Rise of Chinese Shared Services Centres, 2015 Profiling Report: A Snapshot of China’s Shared Services & Outsourcing Market
Consolidation and
standardization phase
Maturity of SSCs in China by Company Type
5–10 years 3–5 years 1–3 years 0–planning & building
Maturity
MNC
POV
MNC
POV
MNC
POV
SOE
MNC
POV
SOE
14
Key challenges faced by China SSCs Based on a survey of the Shared Services and BPO market in China conducted by SSON, the key challenges faced by the survey participants are as follows:
Source: 2015 Profiling Report: A Snapshot of China’s Shared Services & Outsourcing Market, Shared Services China: Survey Report 2014
Top challenges facing the shared services and outsourcing industry in China
32%
24%
16%
13%
26%
21%
18%
Talent management/ talent retention/ attrition
Employee mindset and culture
Productivity and efficiency
Standardization and simplification of processes
Transformation and change management
Cost control
Automation/ technology/ innovation
What is your annual percentage of employee turnover?
Less than 5% 20.69%
5–10% 27.59%
10–15% 20.69%
15–20% 17.24%
20–25% 0.00%
25–30% 10.34%
30–35% 0.00%
35–40% 0.00%
40–45% 0.00% Greater than
45% 3.45%
15
Performance Metrics
SSC’s Measure transactional functions with performance metrics for rating productivity, quality and to drive continuous improvement*
Financial Operational Human Resources Customer Satisfaction SSC cost as a % of
Revenue / Expenses
SSC Actual Cost vs. Budget
Accuracy of cash flow forecasting
Error rate
Cycle time improvement
DSO vs payment terms
Number of payment exceptions processed
On time payments
Percentage of order-to-cash key controls that are automated
Attrition rates
Training Days
% of FTE trained
Number of referrals
% Employee satisfaction
Time to fill a vacant position
Survey results
Number of changes implemented
Lessons Learned when Implementing Performance Metrics 1. KPI’s for AP and AR are more easily implemented, GL (Bank Reconciliation) not required
2. Keep the number of KPI’s manageable
3. Make sure you can get the data to accurately measure
4. Revise performance metrics for management at subsidiaries to align with the goals of the SSC
Source: The Hackett Group, SSON
16
Critical success factors for SSC
Benefits beyond the intangible
Strong and continued support from senior management
Common financial systems and platforms
Minimize banking platforms and relationships
Common processes with sufficient flexibility to meet business needs
Extension of the local finance function
Clear, un-ambiguous Service Level agreements, reviewed periodically
Arms’ length pricing between SSC and business entities
Employee /HR management during transition
Vision must be clear, complete and practical
Establish your success criteria early
Phased approach – step by step
Expect resistance but persevere
First steps are the hardest once established it is easier to sell
Strong mandate from senior management is required for duration of project
Technology is the key for sustained efficiency Le
sson
s L
earn
ed
17
Finance and Treasury Centralization Corporates are focused on optimizing capital use, reducing costs and mitigating risks through centralization
I. Agency Model Visibility of Bank Accounts, Cash, and
Debt for all subsidiaries Forecasting of FX Exposure Hedging centrally on behalf of
subsidiaries
II. Hybrid Model Cash Pooling in each country
Forecasting of cash flows
Centralized Finance Operations for G/L, AP, AR Reconciliation
Setup of Re-invoicing Center to intermediate cross border trade flows
III. Ownership Model Setup Treasury Entity (IHB)
Cash Pooling globally to IHB
Pay on Behalf Of subsidiaries cross border payments from IHB where regulations allow
Hedge centrally with IHB and then hedge net exposures externally
Convert Re-invoicing Center to Principal Trading Company
Regional Treasury Center
Finance Co.
Shared Service Center
Cash/Funding - Local Entity / Subs Risk - Treasury
Central Trading Center
In House Bank Treasury
(Cash, Funding, Risk)
Trading / Invoicing
Finance Operations Local Entity / Subs
Local Entity / Subs Re-invoicing Center
Payment Factory
18
Treasury Transformation and Shared Services Center Treasury Transformation requires robust integration, standardization and a global platform. Integration across Treasury, Finance, Operations will evolve as process, technology and organization evolves
LEGEND Collections and Payments to bank account(s)
Treasury Center TC w/Shared Services Center In-House Bank (IHB) with SSC/PF
Treasury Center (TC)
Participating Entity’s bank account(s)
FX management
Short foreign currency long local currency
Reconciliation coordination
Treasury Center (TC)
Participating Entity’s bank account(s)
Excess / Funding Management
Shared Services Center (SSC)
Payment Approval
Payment request
Consolidated payment file
Acknowledgement / reject / bank account
statement
Participating Entity’s IHB’s account(s)
Notional bank statements
Shared Services Center (SSC) or Payment Factory (PF)
Consolidated payment file
Acknowledgement / reject / bank account statement
Physical Bank Accounts with J.P. Morgan
(USD, EUR, GBP, JPY, AUD, CAD …)
TMS / ERP In-House Bank
Appendix
19
20
Best Practice End State Setup - Automated and integrated solution
Payment file ISO 20022
PAIN03
FAX OR EMAIL
Remittance Details for Electronic Payments
Beneficiaries
SWIFT Corporate
Access
(Integrated to Back Office)
Beneficiary Banks
Beneficiaries
Online portal payments initiation (urgent, ad-hoc payments) / Contingency
Real-time Balance and Transaction Reporting (Bank statement download – e.g. MT940 / 942)
FileAct
Treasury payments
Bank Drafts and Remittance Details
ACH Low value
SWIFT Foreign currency payments RTGS Local wires
SWIFT
SWIFT
Service Bureau
FileAct
FIN
(MT101)
FIN
(MT101)
Invoice creation
Invoice approval
Payment proposal run
Payment Run
Client
SAP
EBS upload
TMS
Pain02
1. Treasury Payments via FIN 2. Bulk payments and current /
prior day reporting via FileAct
Provides efficiency and standardization of payments Centralize payment / reconciliation
functions into SAP Standardize payment workflow process in
your SAP
Cost efficiency and saving Reduce the Total cost of ownership. Single
infrastructure reduce maintenance and support cost, possibility licenses costs
Scalability and future proof Reduce the complexity to response to regulatory
changes and clearing changes Decrease the IT skill-sets requirements - Skill-sets
availability for legacy ERPs system might be a challenge, more critical for small provider
21
Security Considerations for SSC in the Payments Process Risk Levels varying when conducting payments from a Shared Services including payment types, country nuances and industry practices. The key policy implemented strictly for all SSC is segregation of duties
Within SSC
Regulatory
Payment Alerts
Manual Payments
Validate Board Resolution Manual Barcode Submission Call Back Procedures
Payment message meets standards for each country
Supporting Documentation checks
Call back procedures for payment queries
Authorised client contacts only
Bank Controls
Manual Payments Remove check books from all countries, Managers Checks issued
through SSC Manual payments should be removed if required need strict, clear policy
and measurement on when payments can be manual
Authorization Model Authorization within ERP (standard vs customized) Authorization within ERP with enhanced offline process Authorization using the Banking Portal What authorization makes sense to be in SSC and what should be with
business
File Encryption Options Host to Host – encryption of file in transit to payment gateway Host to Host – encryption of file, limited access to secured file Electronic Banking Upload – extract unencrypted file, limited access to
secured file, upload to banking portal, transaction level authorization of payments
1
2
3
Vendor Master Management Internal policies for addition and amendments to supplier account details -
who can raise, approval process, first payment monitoring, returns management
External policy to confirm supplier submitting account and amendments, allocated supplier employees can submit, call back process to second supplier employee
4
Duplicate Checking
H2H Duplicate File Check H2H Duplicate transaction check E-Banking batch level check
Electronic Banking Functionality
Approval Workflow Payment Limits User Limits Matrix Approval Secure Token Secured reports 2 Factor Authentication Biometrics (Mobile)
Note: The list of bank validations are a subset only for discussion / best practices purposes
22
Considerations in the Receivables Process Within the Shared Services Environment – Streamline Electronic Collections First for Best Results
Adopt paperless invoicing Early Payment Discounting Outsource check collection Customers to send electronic
advices with invoice details
ACH, Wires Direct Debits Bank Networks Specialized collections methods
per country eg. Cards, BPay
Industry Best Practices Industry Tools Available
Customer Payment Methods
Invoice Design to attract desired payment method
Negotiate electronic payment terms in contracts
Collection points to facilitate easy payment
Centralized receivables processes Reduce Collections Accounts Consolidate receivables liquidity
daily
Locked Box Solutions Invoice Payment Confirmation
Solutions
Shared Service Centre Single gateway for all receivable
account statement delivery – SWIFT, Multibank Service
Multibank Sweeping
Streamlined Processes
Visibility
Automate Automate Cash Receipting Automate Invoice Matching
Virtual Accounts Outsourced Open Invoice Matching
solutions ERP Add on solutions
Drives Positive Customer Behaviors
Decreases DSO
Increase Control
Reduce Cost
Customer Intelligence
Benefits
23
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