The Exciting Future of a Life Science Shared Service
Over the last 20 years, Life Science companies have tried to streamline administrative cost thru business process automation and deployment of global shared service models. Shared service for common business processes saves global companies millions thru leveraging a central group of resources completing mundane processes. Shared service organizations are normally created and operated in lower cost labor countries.
With the advance of automation like machine learning and artificial intelligence, the future shared services models will look very different than today’s model.
Corporations that can leverage more process automation thru simplified digital landscapes. Life Science companies will be able to grow revenue while shrinking the current shared service resource load. In fact, the more machine learning and artificial intelligence are adopted, the lower the shared service resource work load will be. The potential savings might be as much as 60 to 80 percent smaller shared service organizations.
More importantly, automation will drive a competitive edge from lowering SG&A expense. The savings will be to fuel more growth opportunities.