Bank of America Merrill Lynch Shared Service Center Forum reveals sentiments on global operating models
Companies are seeing a positive impact from centralising treasury operations, found recent findings from a poll of nearly 50 clients attending the Shared Service Centre Conference hosted by Bank of America Merrill Lynch. During the forum, held recently in Chicago, representatives from client companies met for an interactive discussion of ideas and best practices regarding global operating models and shared service centres that serve a company’s global operations.
The two-day program offered attendees a unique opportunity to voice their thoughts on global operating models through a series of polling questions addressing “myths, misconceptions and controversies.” Among key findings from the companies:
For 52%, centralising treasury operations exceeded their expectations for delivering tangible benefits.
Fifty per cent disagreed that an Asian treasury operation can be effectively managed from Europe.
Ninety per cent disagreed with “if we centralise we lose control of processes and outputs – controls, service delivery and quality.”
Only 26% agreed that U.S. multinational companies are managed as global companies (as opposed to U.S. companies with international operations).
“The collective message from our clients is that they view centralising treasury operations as beneficial, but regional centralisation may be preferable to total global centralisation in some cases,” said Paul Simpson, head of Global Transaction Services at BofA Merrill. “Most believe they still have progress to make toward operating in a true global operating model and mindset.”