NEW YORK -- Verizon Services Corp. -- which provides financial, real estate and other functional services to all Verizon business groups and corporate departments -- has been named the 2007 Best New Shared Services Organization by the Shared Services and Outsourcing Network.
The network, a division of the International Productivity and Quality Center, recognizes shared services organizations that demonstrate best practices. These organizations centralize the management of key administrative and support functions of several different business units within a company to capitalize on efficiencies and economies of scale.
"Being recognized for our first-year achievements by a panel of outside experts is a tremendous honor," said Dan Mead, Verizon Services president. "It confirms that the great work and outstanding results delivered by our 11,000 employees are creating value for Verizon and its shareholders."
Created in October 2005, Verizon Services Corp. oversees more than $33 billion in purchasing, processes $144 billion in financial transactions, manages 169 million square feet of real estate, and operates more than 700 IT systems across Verizon.
"Our initiatives are standardizing operations, leveraging our scale, eliminating duplicate functions, and implementing best practices," said John Comisky, vice president of the Verizon Services Program Management Office, who accepted the award for Verizon Services at the Shared Services and Outsourcing Network's excellence awards ceremony, held recently in Orlando, Fla.
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 59 million customers nationwide. Verizon's Wireline operations include Verizon Business, which operates one of the most expansive wholly owned global IP networks, and Verizon Telecom, which is deploying the nation's most advanced fiber-optic network to deliver the benefits of converged communications, information and entertainment services to customers. A Dow 30 company, Verizon has a diverse workforce of approximately 242,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit www.verizon.com.
About the Shared Services and Outsourcing Network
The Shared Services and Outsourcing Network was established in the late nineties to better focus IQPC's shared services expertise and serve the changing needs of corporate practitioners. SSON has the leading edge in international shared services expertise. Our research staff work from international offices (US, UK, Germany, Singapore, Australia, Canada, South Africa) to research current trends and developments in shared services; we bring this information to our members via our monthly publication, regular e-news bulletins, organized site visits, benchmarking roundtables, and conferences. The SSON publishes a "Most Admired Shared Services Organizations" list every year, and organizes the prestigious annual Shared Services Excellence Awards.
Shared Services & Outsourcing Network www.sharedservicesnetwork.com is a division of the International Quality & Productivity Center (IQPC). IQPC, and its parent organization, Penton Learning Systems (founded in 1973), have trained over 2 million executives at more than 50,000 conferences and seminars.