Research On The Construction And Orperation Of CS Company Finance Share Service Center

With the development of the economic globalization,the world economies are faced with a series of new opportunities and challenges.The operation of all enterprises is influenced by various factors from global economic depression to unstable political atmosphere,from intensive market demands to barbarized competition,and from service outsourcing to disruptive high technologies including network technology.In such a versatile,uncertain,complex and ambiguous(VUCA)context,enterprises are faced with unprecedented challenges.Therefore,they need to take effective actions to manage the technologies and handle a series of revolutions in economic and social aspects.Old business models are not suitable any more in the VUCA context,which presses enterprises to face the transformation demands and the industrial organizations to remold themselves.Traditional and classical theories in science,management and strategy cannot meet the demands of enterprise development.Seeing this,US enterprises has initiated large-scale reshuffle revolutions since the 1980s.A series of new management concepts such as business reengineering and learning organization constantly emerge.Financial shared service(FSS)comes out in such a context.Essentially,FSS is a revolution of accounting industry,which is pushed by the technical,economic and social developments.It is a new financial management mode that more multinational firms accept.Supported by information technology and based financial business process improvement,financial shared service is aimed for process standardization,organization optimization,efficiency enhancing and reduction of operation costs.A series of technology outcome and brand-new management philosophies are integrated and concentrated in FSS.FSS will be a new tendency of management modernization and account informatization in the new era.The concept of financial shared service center(FSSC)originated from the Western countries.Since its debut,FSSC has been concerned about and sought after among the business circles.Ford Company built the world’s first FSSC 30 years ago.Following it,more large enterprises including multinationals have promoted and applied FSS.In the follow-up operation,the enterprises embracing FSS considerably improve their accuracy of accounting information and timeliness of information capturing and conduct FSS-based structural adjustment and process reengineering,benefitting from FSS in cost reduction and efficiency improvement.FSS entered China relatively late,but its concept has been popularized widely.Increasing Chinese enterprises see its advantage and sophistication.Some leading enterprises have established their own FSSC,and more and more large enterprises have joined the FSS teams.Currently,FSS is developing fast in China.CS Company is selected as the research object in this paper.CS Company,a large transnational provider of automobile spare parts,is confronted by a series of challenges in the globalization context.Therefore,it is typical in the automobile spare parts industry.The paper collects and sorts out the theoretical study literature about FSS at home and abroad.The empirical research is conducted against the object CS Company.The paper analyzes the reasons for CS Company to build FSSC from the cut-in point of CS Company’s market environment,financial management state and problems urgent to solve.Next,the paper details the construction and planning of CS Company’s FSSC in the following aspects:1)strategic positioning,location and organizational framework of FSSC;2)definition of FSS boundary and scope;3)construction of the informatization system supporting FSSC;4)mode of process reengineering,and others.We closely follow the construction process of CS Company’s FSSC and provide CS Company with the different operation measures in different operation phases of its FSSC by referencing the experience in CS Company’s overseas FSSC.FSS is a new management model supported by information technology.Technological development is bound to take constant effect on FSS.In two years of operation,the China-based FSSC of CS Company has been faced with the challenges in integration and transformation of new technologies and initiatives like Big Data,data analysis technique,mobile internet,cloud computing,social media,automatization&robot,Industry 4.0 and robotic process automation(RPA).The application of RPA for the receivable account of CS Company’s FSSC in China is selected as the case of interest.In such case,the paper describes the intellectualization-oriented transformation of FSS in the context of "Big Data,intellectualization,mobile internet,and cloud computing".Finally,the paper gives a prospect of FSSC based on the analysis on the development of the latest technologies.In the context above,FSSC is certain to be an expert center of enterprises.Information technology enables the possibility of boundary extension,and then FSSC will gradually extend from FSS to the global business services(GBS).RPA is playing an increasingly important role in the FSS field while cloud computing and interconnection technique makes FSS more and more cloud-oriented and intelligent.