Blockchain: Single source of truth in shared services? an empirical paper on the relevance of blockchain for shared services

Abstract

There is no moment more opportune to deploy Blockchain technology in Shared Services-so the industry reports say. With a meteoric rise in interest from all quarters, Shared Services that were primarily a proof of concept for Blockchain not very long ago, are now partnering with enterprise business hubs to combine technology, data and creativity in order to solve business problems and create new service offerings. In this context, an attempt has been made i) to study the relevance of Blockchain technology in Shared Services industry by discussing a few use cases and also ii) to understand the potential of Blockchain technology in rewriting the foundation of business in general. The empirical study on Shared Services Organizations has been executed by adopting qualitative and quantitative types of research that included a detailed questionnaire-based survey followed by in-depth interviews with survey respondents and experts in the Shared Services field. The significance of the current research lies in its contribution both to academia and industry i.e., by contributing to the field of Shared Services research and in laying out the possible areas of application of the Blockchain Technology in the Shared Services domain, respectively. Most important findings include: the clear lead taken by the finance and accounting function, closely followed by supply chain in organizations for the consideration of probable deployment of Blockchain technology; the rise of order to cash, reconciliation and procure to pay as the most favoured candidates for Blockchain-enabled transformation, etc. Despite the limitations, challenges and perceived threats facing this nascent technology, the existing and probable use cases of blockchain technology are dominating the vocabulary of techno-business evangelists, worldwide.