{"id":4161,"date":"2024-10-04T05:04:24","date_gmt":"2024-10-04T10:04:24","guid":{"rendered":"https:\/\/www.emagia.com\/blog\/?p=4161"},"modified":"2025-01-28T22:51:13","modified_gmt":"2025-01-29T04:51:13","slug":"ai-and-global-business-services-breaking-down-the-shared-service-silos","status":"publish","type":"post","link":"https:\/\/www.emagia.com\/blog\/ai-and-global-business-services-breaking-down-the-shared-service-silos\/","title":{"rendered":"AI and Global Business Services: Breaking Down the Shared Service Silos","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<style>@media (max-width: 768px){ .d-flex{flex-direction: column; padding:20px;}}<\/style>\n<div class=\"d-flex justify-content-between align-items-center position-relative\" style=\"border: 1px solid #badcff; border-radius: 10px; padding: 0 20px; margin-bottom: 20px;\">\n<div style=\"position: absolute; top: 0; bottom: 0; width: 100%; height: 100%; left: 0;\"><a style=\"width: 100%; position: absolute; height: 100%;\" href=\"\/ai-for-finance-podcast\/episodes\/ai-and-global-business-services-breaking-down-the-shared-service-silos\/\"><\/a><\/div>\n<h6 class=\"mb-0\">A recent episode of the Emagia AI For Finance podcast series<\/h6>\n<div class=\"mx-4\"><img decoding=\"async\" src=\"https:\/\/www.emagia.com\/blog\/wp-content\/themes\/mainblog\/assets\/images\/mark-blog.jpg\" \/><\/div>\n<h6 class=\"mb-0\">AI and Global Business Services: Breaking Down the Shared Service Silos<\/h6>\n<\/div>\n<p>With the advent of ChatGPT and other AI technologies in 2023, businesses began to reimagine processes that were traditionally human-driven. Studies in the shared services space reveal a massive shift in the mindset of CFOs and shared services leaders\u2014digitization is widely regarded as the path forward, according to Mark Harrison, founder and CEO of consulting firm Callisto Grand. \u201cEvery <a href=\"\/blog\/order-to-cash-transformation-for-global-shared-service-centers\/\">shared service center<\/a> head, every CFO, believes that digitization is the way forward.\u201d cautions that despite In a recent episode of the Emagia AI For Finance podcast series, Harrison explored the transformative role of AI in finance and shared services.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-flat ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.emagia.com\/blog\/ai-and-global-business-services-breaking-down-the-shared-service-silos\/#the-need-for-caution-and-precision\" >The Need for Caution and Precision<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.emagia.com\/blog\/ai-and-global-business-services-breaking-down-the-shared-service-silos\/#the-power-of-predictive-analytics\" >The Power of Predictive Analytics<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.emagia.com\/blog\/ai-and-global-business-services-breaking-down-the-shared-service-silos\/#investing-in-talent\" >Investing in Talent<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.emagia.com\/blog\/ai-and-global-business-services-breaking-down-the-shared-service-silos\/#a-bright-future-for-shared-services\" >A Bright Future for Shared Services<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>\u201cThere&#8217;s a lot of excitement in the credit space right now,&#8221; Harrison told Emagia. \u201cService providers are pushing technology to its full potential.\u201d<\/p>\n<p>However, Harrison he promise of AI, a significant number of technology projects fail. &#8220;The issue isn&#8217;t the tools themselves\u2014it&#8217;s the lack of clarity on the objectives and outcomes,&#8221; he explained. Success with AI requires a clear understanding of its capabilities and how to strategically implement it to meet <a href=\"\/blog\/ai-in-mitigating-credit-risk-for-credit-managers\/\">credit management<\/a> objectives.<\/p>\n<p>Although the implementation of AI technologies can come with growing pains\u2014ranging from six months to two years\u2014Harrison is firm in his belief that companies see returns on investment once these <a href=\"\/blog\/automated-cash-application-software\/\">solutions are fully integrated<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"the-need-for-caution-and-precision\"><\/span><strong>The Need for Caution and Precision<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the advantages AI offers, Harrison urges professionals to exercise caution when using tools like ChatGPT. \u201cIt\u2019s essential to remember that AI systems will produce results based on the input they receive. If your data isn\u2019t accurate, you\u2019ll face &#8216;garbage in, garbage out&#8217; scenarios,\u201d Harrison noted. He emphasized the opportunity to clean up data before automation is deployed, ensuring the systems work from a foundation of accuracy.<\/p>\n<p>Data integrity is key, particularly in credit management. Harrison referenced an example of dunning letters being suppressed by Sales without knowledge of credit teams, leading to long-standing communication gaps. \u201cYou need to understand the intricate details of your trade to leverage AI to its fullest,\u201d he added. Without a deep understanding of data settings and configurations, businesses risk under-utilizing AI solutions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"the-power-of-predictive-analytics\"><\/span><strong>The Power of Predictive Analytics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the most transformative benefits of AI in finance is its potential to deliver <a href=\"\/blog\/predictive-analytics-the-power-to-know-which-customers-will-pay-delay-dispute-or-default\/\">powerful predictive analytics<\/a>. By integrating diverse datasets\u2014such as payment profiles, invoice disputes, and credit limits\u2014AI can forecast potential risks or actions, such as identifying when a customer\u2019s account will exceed credit limits within a matter of days. Harrison emphasizes that predictive analytics is the future of AI-driven financial services and that this evolution is only just beginning.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"investing-in-talent\"><\/span><strong>Investing in Talent<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>AI adoption isn\u2019t solely about technology\u2014it\u2019s also about people. Harrison stresses the importance of involving as many operational personnel as possible in the early stages of AI adoption. Whether it&#8217;s monitoring credit notes, managing invoices, or optimizing payment methods, comprehensive employee engagement ensures smoother transitions.<\/p>\n<p>One common mistake, Harrison points out, is companies implementing AI before addressing skill gaps through upskilling. \u201cIf you focus only on teaching people to press different buttons, you\u2019re perpetuating silos,\u201d Harrison warned. True success lies in upskilling employees alongside implementation, ensuring they can understand and take a holistic view of the processes.<\/p>\n<p>Importantly, Harrison advises that companies already have much of the talent needed to implement AI. &#8220;You don&#8217;t need to look outside\u2014you already have the talent. You just need to unlock its potential.&#8221;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"a-bright-future-for-shared-services\"><\/span><strong>A Bright Future for Shared Services<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Harrison sees <a href=\"\/blog\/the-new-normal-putting-ai-at-the-core-of-your-order-to-cash-shared-services-strategy\/\">shared services<\/a> poised to reach new heights with AI. He notes that, with the right strategy, the <a href=\"\/blog\/hyper-automation-for-accounts-receivable-operations\/\">technology will \u201cpropel operations<\/a> to where they should be.&#8221; As automation becomes increasingly embedded in financial processes, credit management will become even more critical to business success.<\/p>\n<p>&#8220;The opportunities are vast,&#8221; Harrison concludes. &#8220;With AI, the future of credit has never been so important.&#8221;<\/p>\n<h4><strong>FAQs: <\/strong><\/h4>\n<h5><strong>What is Upskilling?<\/strong><\/h5>\n<p> Upskilling involves enhancing an employee\u2019s existing skills to meet new technological demands. It focuses on continuous learning\u2014through training programs, certifications, and mentorship\u2014to ensure employees can evolve alongside the company\u2019s technology roadmap. By investing in upskilling, businesses empower their workforce to take full advantage of AI technologies, ensuring smoother transitions and improved performance.<\/p>\n<h5><strong>Who\/What is Callisto Grand?<\/strong><\/h5>\n<p>Callisto Grand is a European-based consultancy specializing in <a href=\"\/blog\/how-financial-and-accounting-shared-services-can-be-transformed-with-analytics\/\">shared services<\/a> and global business operations, was founded by Harrison after his extensive experience as a credit manager at firms like PPG Industries and Norgren. His insights underscore the evolution of AI in finance.<\/p>\n<p><strong>Suggested First Steps in AI Implementation:<\/strong><\/p>\n<ul class=\"basic-ul\">\n<li>Create a detailed and realistic roadmap. <\/li>\n<li>Involve as many operational team members as possible.<\/li>\n<li>Conduct comprehensive analytics.<\/li>\n<li>Integrate upskilling efforts alongside implementation.<\/li>\n<\/ul>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>A recent episode of the Emagia AI For Finance podcast series AI and Global Business Services: Breaking Down the Shared Service Silos With the advent of ChatGPT and other AI technologies in 2023, businesses began to reimagine processes that were traditionally human-driven. Studies in the shared services space reveal a massive shift in the mindset &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/www.emagia.com\/blog\/ai-and-global-business-services-breaking-down-the-shared-service-silos\/\"> <span class=\"screen-reader-text\">AI and Global Business Services: Breaking Down the Shared Service Silos<\/span> Read More &raquo;<\/a><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":1,"featured_media":4162,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[199],"tags":[],"class_list":["post-4161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shared-services"],"acf":[],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts\/4161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/comments?post=4161"}],"version-history":[{"count":0,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts\/4161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/media\/4162"}],"wp:attachment":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/media?parent=4161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/categories?post=4161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/tags?post=4161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}