Talking about Shared Services always means talking about the simplification of processes. So, let’s do that with our Third-Party Due Diligence (TPDD) topic now.

Like established last week, summarizing available customer information prevents possible fraud or product abuse and allows you to identify between credible and non-credible customers. How exactly do you accomplish that?

Let’s suppose once again, that a prospective customer approaches a local headquarter with a certain request. But he already tried that over another channel of your company and got dismissed. Without Shared Services the local manager of said different channel would have to contact every other local headquarter individually and tell them via phone or e-mail to not sell to that certain customer. Of course, that is neither practical nor practiced in any way.

On the other hand, a local manager of a different branch office has no way of knowing who they are dealing with. He is sitting in a vacuum between all the available information floating around but can’t access it because he doesn’t know where to start. He will therefore run additional credit reports to verify the liquidity of the prospective customer. Now that is neither efficient nor cost-saving for the overall company. Which means that by not using available customer information in an optimized way, economic statistics will suffer. In the end this is threatening to all who are involved.

The solution is to create a standardized workflow that enables the local manager who initially dismissed the prospective customer to share his information without the need for individual contacting. This can for example be the initialization of a command chain that leads to the available information being automatically distributed via the cloud. An adequate supporting IT system can help with that. With the right programming the first local manager can enter information that is retrievable with a few mouse clicks by all other local managers. Instead of sitting in a vacuum, they now know exactly what to do with available data. This simplifies customer contact and builds additional trust between company and customers.

See here our first YouTube-video with a more detailed explanation on Shared Services in general! Don’t forget to subscribe and leave a like, we thank you very much!

Next week we’re going to take a Christmas break. We wish you happy holidays and hope you’ll rejoin the blog next year! Stay tuned …