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The Financial Service Centre is Swanson & James’ concept of a cutting edge financial department that is positioned at the centre of business operations which aligns the services provided by the financial function with the requirements demanded in today’s fast paced and information dependent commercial environment. Why is there a need for the Financial Service Centre
concept? Traditionally the financial function in any organisation has followed a strictly historical perspective and was often the ‘necessary evil’ that no company could do without. However, as organisations have undergone major internal change and seek more efficient working processes in an ever-competitive market place, the imposed demands on the financial function are increasing. Apart from fulfilling the traditional legislative and service requirements, the financial function is now increasingly expected to support many additional functions, including management decision making and marketing analysis. Through the use of the Financial Service Centre concept, the financial division of a client organisation can become the central core of operations and be ideally equipped to rapidly respond to innovation in business. How can this concept be achieved? Depending upon the size and structure of a client organisation, Swanson & James can tailor the Financial Service Centre concept to fit the exact requirements. For example, if an organisation is an independent entity, the concept can be applied through the financial centre forming a central hub of all the company’s departments. This structure will offer a more integrated approach, offering centralised control and development for future growth. If an organisation is split into subsidiaries, the Financial Service Centre can be positioned as a further subsidiary, central to all other subsidiaries that relinquish financial control. This structure will allow all subsidiaries in a group to take advantage of the benefits that a Financial Service Centre provides, while avoiding duplication of tasks. This will enable the individual subsidiaries to focus on their core businesses, and the group as a whole to exercise maximum financial control in the most effective manner. The Financial Service Centre operations are considered as: User-aimed Services 'Financial Operations' include the performing, registering and controlling of jobs. 'Management Support' includes the reporting, counselling and management support of jobs. Contact between the Financial Service Centre and the subsidiaries is maintained via a Service Desk, which ensures optimal accessibility and that orders and questions are channelled to the assistant concerned. The Service Desk furthermore controls the data supplied by the user organisation. Service Level Management Agreements made on the
service provided by the Financial Service Centre are often laid down in Service
Level Agreements. Typical aspects laid down are:
However,
merely laying down agreements is not enough to guarantee good quality
performance. Because of this, Service Level Management occupies a
central position within the Financial Service Centre. The aim of
Service Level Management is continuous monitoring of service levels, focusing
on quality and costs. Service Level Management also plays a pro-active
part in pointing out changing demands in the core business or subsidiaries in
order to maintain the Financial Service Centres control and efficiency.
Although the
Financial Service Centre concept sets a framework for the layout of the
entire financial function, its implementation varies with each individual organisation.
Because of this, the Financial Service Centre concept has been developed on a
modular basis, which can be implemented independently, as clients demand. The first aspect to be considered is the kind of service packages and support tools required that enable an optimally functioning Financial Service Centre. The more specific, bespoke details of the concept that need to be matched with clients organisational needs are based on a sound analysis of business requirements. |
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