Undoubtedly, shared services has enabled life sciences companies to deliver sustainable cost and service improvements in the past. But, there’s a new model—the integrated business services model—which life sciences companies should embrace as it can deliver considerably more business value. Today, I’d like to highlight some of its key characteristics.
Portrait of an integrated business services model
While cost reductions and service improvements are still important today, life sciences companies need to focus on improving business results from all perspectives. When compared to other shared services models, an integrated services model is more advanced in:
Strategy. An integrated services model operates as a cross-enterprise, independent multi-service business unit that delivers specific business outcomes.
Service value orientation. The model delivers advanced end-to-end services, not just better transactions at a lower cost.
Client centricity. The customer experience is of foremost importance in the integrated business services model. The relationship is not just a buyer/seller, service level agreement-based one.
End-to-end ownership. In an integrated business services model, there is end-to-end ownership and decision rights in terms of budget, people, process, policy and technology. This level adds more value beyond just process improvements within the back-office silos.
Global agility. An integrated services model leverages the geographic footprint of the overall organization and its strategic partners while still maintaining proximity to the customer where required.
As life sciences companies face the very pressing need to rethink, reshape and restructure their businesses to survive—and thrive—an integrated business services model presents a viable path forward. Join me next week when I explore the significant benefits that an integrated business services model can deliver to life sciences companies.
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