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An integrated business services model can help life sciences companies maximize R&D innovation, enter new markets faster, better manage mergers and acquisitions, and respond to customer needs with agility.
In today’s challenging environment, life sciences companies need to rethink their business delivery models to be on the trajectory to a secure and profitable future while addressing patient needs and preferences. Our experience reveals that companies in other industries are responding to their industry challenges by getting maximum value from their business service models.
These companies are increasingly turning to an integrated business services model to push the traditional shared services concept to new heights by delivering more business value. This model integrates functions seamlessly so companies can easily execute their business objectives with exceptional speed, reliability and cost efficiency.
An integrated business service model can help life sciences companies to deliver improved patient outcomes, accelerate global expansion and product development, achieve growth and profitability, and maximize shareholder value.
An integrated business services model is different from earlier incarnations of shared services, including single-function and multifunction shared services, and global business services. There are five characteristics that set it apart from other shared services models:
Strategic elevation: The model operates as an independent, multiservice business unit that helps companies achieve sustained global productivity and a culture of greater innovation, versus just back-office function optimization.
Service value orientation: The model integrates people, processes and technology across functions to deliver one-stop-shop services.
Client centricity: The integrated business services are defined in the way customers understand, buy and use them, which reduces the complexity of multiple functional silos.
End-to-end ownership: The service model allows end-to-end ownership of budget, people, process, policy and technology. This level of control adds more value beyond process improvements within the back-office silos.
Global agility: The model leverages the geographic footprint of the overall organization and its strategic partners (including third-party providers) while maintaining proximity to the customer where required.
For life sciences companies, moving to an integrated business services model means going beyond core “mature” shared services functions, such as finance, HR and IT, and using the model to deliver industry-specific capabilities in areas, such as commercial services, research and development, supply chain, facilities and real estate, and analytics.
The model functions on continuous improvement by looking for new capabilities in industry-specific areas that can provide greater value if they are grouped together and delivered as services to the business it supports.
Today’s turbulent environment means life sciences companies need to identify and capture every possible advantage. By expanding their focus from shared services’ transactional efficiency to achieving business outcomes, life sciences companies utilizing an integrated business services model have the potential to deliver new services that will help them:
Though life sciences companies have been slow to embrace the integrated business services model, Accenture believes that there will soon be a rapid adoption of this model in multiple areas of business support. The time has come for life sciences companies to capture the value of integrated business services.
October 2, 2013
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