Growing at 6% CAGR, shared services are among the fastest growing industries
Essel Business Excellence Services (EBEX), an arm of Essel group, was accorded 'the best shared services provider in the Indian market' at the recently concluded 7th Global Shared Services Conclave in New Delhi. EBEX was not only identified as the first shared service for media offering mainstream functions, like facilities and administrative, procurement, IT, payroll, but also for offering complex processes like legal, talent acquisition and revenue assurance as a service, with overall 18 processes on the list.
Growing at a compounded annual growth rate (CAGR) of 6%, shared services are among the fastest growing industries globally with play by many large organisations. Global in-house centres (GICs) are a significant component of the global services market and continue to grow with a current market share of about 25%.
Irendra Chhabra, managing director and chief executive officer - shared services and business transformation, EBEX Services Ltd, said, "Real transformation is not done by bringing newer technology only but by creating a mix of the transformation of people, processes and technology. We have been working towards building a culture of transformation in our organisation and success today could not have been possible without my team."
The conclave, according to the guest of honour Sameep Shastri, member governing body, BRICS Chamber of Commerce and Industry, is a platform for bringing together leaders of the shared services industry and sharing their insights towards building and contributing to the growth of the Indian economy. "The Narendra Modi government is very progressively working towards bringing the digital transformation in India across sectors. I personally believe that Shared Services Forum is tremendously supporting in that journey of reshaping of the Indian economy," he said.
Ravi S Ramakrishnan, founder of Shared Services Forum (SSF), said, it is very important for everyone to think about 'the need of continuously reshaping the transformation strategy'. "This is crucial to effectively build the organisations for future by embracing the changing world, higher customer expectations and drive value creation and value innovation," said Ramakrishnan.