Evolving GBS: Integrating Finance as a Service for Higher Value

FaaS has the potential to transform the nature and value of work provided to internal stakeholders through finance solutions, one of four components of finance service delivery that also include corporate functions, business partners, and finance operations.

When built into GBS, FaaS can go beyond the basic operational aspects of a GBS program to tackle more complex and higher-value-added efforts, such as increasing automation to boost speed and accuracy. Importantly, companies can innovate their finance solutions without a significant investment in headcount or technology—one of the key appeals of as-a-service processes.

Key benefits of incorporating FaaS into your GBS organization include:

• Scalability and flexibility. Companies can scale the finance operations within GBS up or down based on their needs, without building in-house capabilities. This flexibility is particularly valuable for companies undergoing rapid growth or facing fluctuating demand. The workforce, both onshore and offshore, can then be upskilled to manage higher value tasks, such as promoting innovation and enhancing client products or services.
• Enhanced forecasting. FaaS includes intelligent forecasting models that leverage advanced analytics and machine learning so that finance teams can incorporate solutions that address some of their key challenges, such as forecasting accuracy, financial planning, reporting, and automation of the financial close.
• Improved data reporting. Companies can access sophisticated data reporting tools that provide real-time insights into financial performance. Rolled into GBS, this enables better decision-making and enhances the overall transparency of financial operations across the company.
• Advanced risk management. FaaS improves the ability to identify irregularities in financial data throughout global operations housed within GBS through more sophisticated anomaly detection systems. Companies can better mitigate risks and ensure the accuracy of their financial statements across operating entities.

Nearly 80% of organizations don’t have the in-house data and digital literacy skills to provide value-added services.

By leveraging the advanced capabilities of FaaS within the centralized framework of GBS, companies can achieve improved efficiency, scalability, and risk management. Indeed, the integration of FaaS into GBS will likely become an increasingly important strategy for companies to stay competitive and agile.

Companies that work with KPMG to elevate their global business service organizations with AI-enabled FaaS can leverage our firm's skills, advanced financial technology capabilities, and flexible service delivery models.

KPMG has experience delivering both GBS and managed services like FaaS to organizations globally, making us a reliable resource for integrating the two. We have successfully implemented FaaS solutions for various clients, helping them achieve greater productivity, cost savings, efficiency gains, and the ability to offer new products and services.

Additionally, the global delivery network at KPMG helps ensure that services are provided efficiently, leveraging a mix of onshore and offshore resources to deliver high-value financial operations. We also provide flexible options for GBS to access AI-enabled finance processes. These options include building and operating capabilities before transferring them back to the company or developing a new operating model and training company personnel to execute it.

Finally, KPMG focuses on innovation and continuous improvement, which means that clients can benefit from the latest advancements in financial technology and leading practices. This commitment to excellence helps ensure that companies can achieve their financial goals and stay competitive through change.