Research On Transformation Of Z Group’s Financial Shared Service Center Based On Value Creation

Financial shared service center(FSSC)has been widely used by many large enterprises in China and has become the core driving force for financial management innovation.With the continuous development of the pattern of financial shared service,more and more enterprises have launched new explorations on the future financial sharing model and path around cloud computing,big data and smart finance,“Internet +”,and management accounting.The core mission of a company is to create value for stakeholders,and the purpose of corporate management is to serve value creation.In the process of expanding and extending the concept of financial sharing,the value creation-oriented shared service provides ideas for the transformation of FSSC.In order to explore how to realize the transformation of FSSC from accounting integration to value creation,this paper firstly discusses related concept of FSSC and then it selects Z group’s FSSC as the representative to conduct transformation analysis,in order to plan the path and strategy for the transformation and upgrading of FSSC which is in the stage of the cost center.This paper provides reference and suggestion for improving the value creation ability of FSSC.This paper mainly uses case study method,selecting Z group’s FSSC as the case subject to carry out research.First,it reviews relevant theories and research results of financial sharing services.Secondly,it introduces the construction status of Z group’s FSSC,and conducts analysis on the construction effectiveness and value embodiment.Thirdly,it comes up with the transformation bottleneck of Z group’s FSSC and carries out the cause analysis.The difficulties in the transformation process are mainly including the need to optimize operation management system,new requirements in functions and business processes,and lack of intelligence of information system.Finally,this paper proposes the positioning and value embodiment of FSSC from the internal and external perspectives,and constructs the value creation path under the financial sharing framework.It also forms the relationship between sharing service module optimization and value creation.Through the planning for the future development of Z group’s FSSC and promoting the construction of value management,the following optimization design is proposed based on value creation: First,form comprehensive support for the group’s strategic activities based on value chain formation.The “four-stage” transformation path is used as the direction guide to help Z group’s FSSC realize the construction from the cost center to internal operation subject and then to the data platform or the commercial service platform based on strategic deployment,and finally realize the sharing of financial,IT and human resources services.Under the function framework of new financial sharing,it should promote transformation of financial functions into financial integration,strategic guidance,intelligent decision-making,and value creation.Second,it should optimize current operation management system of Z Group’s FSSC.Optimize organizational structure to expand core departments.Also,improve staff training mechanism,and attach importance to performance management to improve the service quality.Third,carry out additional business which has ability to promote or enhance value.Besides,promote business process automation and intelligence construction.The fourth is to optimize and improve the information system,combine financial sharing with big data,improve decision-making analysis capabilities,and promote smart decision-making mechanism.The main innovative points of this paper are to deeply analyze the specific connotation of value creation approach,and provide plans and designs for transformation strategy,implementation plan and specific path which has broad applicability.The combination between financial sharing service and value creation provides a reference for future development of FSSC.