KPMG report explains five key benefits of global business services and how to implement it successfully.
As international life sciences companies seek ways to transform their operations in the midst of wrenching change, they are establishing global business services (GBS), a cross-functional, globe-spanning model that integrates resources, capabilities and systems throughout the entire enterprise. GBS includes shared services and outsourcing and extends operational improvements considerably further into every corner of the organization. The benefits of GBS are outlined in a new report by KPMG International, Global business services in life sciences: A window to the future.
"Outsourcing has been going on for a long time, but it was fragmented and decentralized," says Don Ryan, Director, KPMG in the US. "Now, companies are taking it to the next level to support core business processes in a way that is cross-functional, centralized, global and integrated." The report is based on years of advisory work by KPMG subject matter experts, advising companies on how to implement GBS to transform their operations.
A key element of GBS is the focus on processes that span the entire enterprise. As the report explains, the orientation of end-to-end processes as part of GBS can enable the enterprise to adopt new technologies more rapidly and benefit from them faster. An example of this is cognitive automation, a continuum of technologies that companies can use to automate business processes and operations.
Among the benefits of GBS are:
Despite these benefits, many companies have not yet taken full advantage of the effect of establishing GBS for their organization. Once they see the wide-ranging gains from GBS and implement it fully, they will be able to realize the value. But they should not underestimate the scope of the changes required and the degree of resistance they might be met with in the company. The roles and responsibilities of many people at all levels of the organization will be affected, as one would expect with any profound alteration in governance and processes.
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Global business services in life sciences: A window to the future is a new report from KPMG International’s Global Life Sciences Practice, explaining the benefits of global business services (GBS), particularly when it incorporates cognitive automation. It provides real-world insights from KPMG’s subject matter experts around the world, who have advised clients on how to implement GBS successfully.
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 155 countries and have 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.