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.
Areas of opportunity 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.
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.
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.
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.
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.
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Based on the global survey of senior executives and the experience and capabilities of KPMG professionals, 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.
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KPMG recognised as a Leader in the 2024 Gartner® Magic Quadrant™ for Finance Transformation Strategy Consulting.
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Contact KPMG’s Corporate Services specialists
Nikki McAllen
Partner in Charge – Corporates, Consulting | Global Head of Finance Advisory
KPMG Australia
- Nikki McAllen
- Paul Winter
- Carl Pretorius
- Susie Quirk
- Guy Holland
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