Is Corporate Services your untapped superpower?
Corporate Services holds the key to unlocking untapped potential – delivering value creation, preventing value erosion, and mitigating risks amidst growing competitive, regulatory, and sustainability pressures. To realise this potential, functions such as procurement, human resources (HR), finance, information technology (IT), and legal must take on a more prominent role in driving enterprise-wide value.
Understanding the current environment
In today’s turbulent environment, Corporate Services functions have never been more important. In the face of technological disruption, increasing regulation, fast-changing customer needs and a competitive talent market, Corporate Services have a vital role to play in supporting businesses and providing a platform for growth.
The back office is poorly named – in finance, procurement, technology and HR we are in the enviable position of being able to see the connections of where value is created across an organisation as well as the leakages. With AI enabling us to leapfrog blockers that have hindered us in the past, Corporate Services must collaborate across its own functions and the enterprise and play a larger role to deliver enterprise-wide value.
Opportunities for Australian organisations
For every external market force, there is an internal organisational opportunity, from embracing AI and automation, responding faster to regulatory change, to rethinking the employee experience.
To keep pace with rapid technological change, Corporate Services functions should collaborate to leverage common platforms and systems and share data. Embedding environment social and governance (ESG) means integrating ESG metrics into strategic goals and centralising Sustainability teams to align every function.
Ultimately, the future of Corporate Services should involve shared services connecting across the core value streams of the business – unlocking end-to-end cost efficiencies, innovation and growth.
Areas of opportunity
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External disruption: Pressure on business models
The amalgamation of fast evolving customer expectations and cost pressures has put traditional business models under severe pressure to continuously adapt – to stay relevant and competitive, and, ultimately, grow.
Internal opportunity: Blurring lines from front to back
More and more organisations are transitioning to ‘value streams’ or product-led structures to meet customer demands. Corporate Services need to become highly responsive to rise to this challenge.
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External disruption: Fast paced technology and data advances
The continuing growth of technologies – like AI and automation – is changing the way in which products and services are delivered and consumed. Organisations need to embrace these innovations or risk being left behind, whilst remaining cost efficient.
Internal opportunity: The era of enterprise data and technology
Integrating new technologies and modernising existing systems can be complex and costly, but Corporate Services are presented with enterprise-wide solutions to achieve compatibility, enable automation, manage data migration, and control cost to serve.
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External disruption: The war for talent
With increasing competition for talent and changing employee expectations, organisations need to find new ways to access critical skills and capabilities – and create an appropriate employee experience.
Internal opportunity: A 21st century employee experience
Leading organisations are adapting a mix of automated workforce planning and customer experience best practices to revolutionise the ways employees can move through their careers to enhance employee experience and meet the dynamic talent needs of the firm.
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External disruption: Tighter compliance across all fronts
As digital disruption accelerates, and ESG expectations rise, regulatory obligations are becoming more onerous. Organisations will need to adapt a mindset that places compliance at the centre of strategy – rather than being seen merely as a reporting burden.
Internal opportunity: Control fatigue
Through a combination of early investment and a top down approach to governance, organisations are finding ways to build a culture that responds continuously responds to increasing regulatory demands.
Characteristics of FASTER Corporate Services
To thrive amidst uncertainty, Corporate Services should act in a collective and integrated manner, characterised as FASTER.
Front & middle office integrated
By embracing end-to-end processes and seamlessly integrating front, middle, and back offices, Corporate Services functions can unlock significant value creation. Enable this further through global business services capabilities, where cross functional and streamlined operations drive tangible results
Artificial Intelligence enabled
GenAI has simplified adoption of AI capabilities and accelerated value realisation. Corporate Services are swiftly integrating GenAI solutions to boost efficiency and enhance competitive advantage securely, rapidly, and at an enterprise level.
Sustainability at the core
Sustainability is no longer optional; it is a non-negotiable imperative demanded by stakeholders across the spectrum, from employees to governments. As the heart of business operations, Corporate Services are uniquely positioned to champion the ESG agenda and drive meaningful change.
Technology & data driven
Technology and data are revolutionising Corporate Services, not only by enhancing efficiency and effectiveness but also by creating a platform for transformative change across the entire enterprise. This presents a once-in-a-generation opportunity for business leaders to harness technology’s power and propel their organisations towards a future of unparalleled success.
Employee & customer centric
Leading organisations prioritise people in their strategies. Technology enables both standardisation and hyper-personalisation. By mapping customer and employee journeys, Corporate Services can deliver superior, individualised experiences while ensuring consistent and efficient processes.
Regulatory compliant
Reactive compliance efforts are costly, time-consuming, and detrimental to reputation. Corporate Services play a critical role in proactively aligning the organisation with regulatory requirements, ensuring seamless execution and preventing value erosion.
Download: Future of Corporate Services
Based on the global survey of senior executives, as well as KPMG professionals’ experience and capabilities, the report explores how companies can aim to unleash the full potential superpower of Corporate Services to help deliver essential services, while continuing to evolve.
Download the report to discover the power of Corporate Services.
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