What is shared services?

Shared services refer to the consolidation of business operations that are used by multiple departments within an organization, such as human resources, finance, IT, or procurement. The goal of a shared services model is to streamline processes, improve efficiency, reduce costs, and standardize service delivery across the organization. By centralizing these functions, companies can leverage best practices, technology, and economies of scale. Shared services teams typically work as internal service providers, supporting various business units with specialized expertise.