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GICs hire the majority of their talent from service providers; however, they lose the majority of their talent to other GICs and domestic companies
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ADM is the most common IT function delivered through Global In-house Centers (GICs), but its share has been declining in recent years
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Accenture, Deloitte, and IBM have a strong first movers’ advantage
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Blockchain: Myth and reality
See out latest thought leadership on blockchain
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Blockchain is a cryptographic, or encoded ledger – a database of transactions in the form of blocks arranged in a chain. These are validated by multiple users through consensus mechanisms (such as proof-of-work in Bitcoin mining) shared across a public or private network.
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10 steps to how blockchain technologies work
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In addition to the traditional Bitcoin Blockchain, asset-centric crypto-technology, and its advanced state “smart contracts”, will form the basis for most applications of Blockchain technology in the BFSI industry.
Developed a risk management sourcing profile for a top UK bank Client overview and background: A leading UK bank was looking for advice on the “art of the possible” within risk management BPO. Our approach: Everest Group helped them assess market maturity of sourcing of risk processes (Including Credit, Market, Liquidity, Regulatory, and Operational). Global Top 20 banks were analyzed for their approach to risk management to paint this picture. Beyond that, the project involved mapping this perspective to the client’s current situation, and deciding the optimal mix of in-house vs GIC vs 3rd party vendor mix. The findings were presented to bank’s Chief Risk Officer (CRO), and currently the client is implementing the recommended strategy Client benefits: Everest Group presented the findings to bank’s Chief Risk Officer (CRO), and CRO is now following the recommendations provided for sourcing model decision for each of the individual risk processes.
Developed a North American insurance industry infrastructure maturity model for a leading IT services provider Client overview and background: A leading global IT services provider engaged Everest Group to develop a consultative sales tool to target insurance prospects in North America. Client wanted to use this tool to run effective sales conversations with clients, help them understand the competitive landscape and aid decision making to drive adoption of next generation infrastructure outsourcing. Our approach: Everest Group conducted primary outreach with leading insurance firms to understand business priorities and spend areas. We then developed an infrastructure maturity model and a companion diagnostic tool to help firms understand the current state of their infrastructure environment and provide a roadmap for adoption of next generation technologies to improve business outcomes. Benefits to the client: Client is using the maturity model and diagnostic tool to target priority accounts in the market place.
CIOs and IT departments need a new cost emphasis beyond slashing their own costs.
Put your own house in order before you start giving advice to others is a popular idiom. And CIOs have been doing that for years, incrementally cutting costs in IT functions. But what if the mandate from your CEO is for IT to help improve the performance of another department such as finance and accounting (F&A), for instance, but at the same time cut F&A costs by 60 percent? How can IT help that department?
We at Everest Group are assisting in a strategic plan for a client’s IT organization, and the cost reduction effort for that F&A department is part of the plan. The IT plan is part of a company revitalization, and the CFO recognizes their finance and accounting function is too large. She needs to dramatically improve reporting and analytics functions — but do so with 60 percent fewer resources. Sure, they can move some work offshore to get lower unit costs. And that’s good. But it won’t achieve operating the F&A function with 60 percent fewer people. The only way the CFO can possibly do this is through the judicious use of technology to enable digitizing the workforce, stop doing some functions and implement new tech-enabled functions.
Service-level agreement (SLA) contracts can drive the wrong business outcomes. Some technology leaders want to move away from those SLA-driven contracts.
If you’re like many CIOs, the chances are your company compensates third-party IT service providers for something they didn’t do or pays them twice for something. Technology leader Nipa Chakravarti realized that’s what was happening at TransAlta (Canada’s largest publicly traded power generator and provider of renewable energy). I recently talked with Nipa, and she made an interesting comment: “I want to move away from SLA-driven contracts.”
As Nipa explained in a prior blog post, she successfully restructured TransAlta’s IT group to be more responsive to business needs, doing the things that the business users care about and doing them in a reasonable time frame and cost point. As detailed in that blog, she dramatically changed the value equation for IT at the company, making it much more cost-effective, achieving results much faster and at the same time delivering higher quality and more reliable work. That’s quite a formidable set of accomplishments. So it’s worth paying attention to her strategies for taking the organization to the next level.
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