ScottMadden, Inc., one of North America’s leading general management consulting firms specializing in shared services, recently joined Shared Services & Outsourcing Network (SSON) to uncover the five keys to designing the future finance model.

As finance leverages the benefits of shared services for its business customers and the enterprise at large, the model is undergoing constant change. Today, there are a number of trends that are driving an evolved finance shared services model, including centers of expertise to drive value-add services, robotic process automation (RPA) as a replacement for human labor, a reassessment of outsourcing’s role and value, and new skills, roles, and recruitment tactics to enable the digital workplace.

There is currently a lot of excitement around artificial intelligence (AI) solutions that promise to improve business outcomes and reduce risk. So, what key benefits can finance shared services organization gain from automation? “Finance leadership is always hunting for savings, which is often the catalyst to deploy digital solutions,” shares Brad DeMent, partner at ScottMadden. “Wherever there are large volumes of standard work, the needle can be moved with RPA, virtual agents, and AI applications.”

Modern finance shared services requires individuals that understand the business needs and requirements and are also able to translate these into inputs that designers and data scientists can understand.

Today’s needs of modern-day shared services are characterized by a combination of these emerging technologies, along with an intimate understanding and knowledge of the customers’ business. Trey Robinson, partner at ScottMadden explains, “…it’s not all about automation and problem solving. It’s still first and foremost about excellent customer service and business knowledge.”