Category: In The News

COVID-19 Alters How Money Moves Globally | In the News

The global COVID-19 pandemic has changed not only the way we interact, but also the way money moves.

According to Everest Group report, Modernizing Data, Applications, and Infrastructure for the Next Phase of the Payments Revolution, the pandemic has accelerated the digitalization of payments and prompted consumers and businesses to rely on digital and contactless payment options when buying and selling goods and services.

Read more in Future CIO

6 Alternatives to Blockchain for Businesses to Consider | In the News

Blockchain has risen to prominence thanks to enthusiasm about cryptocurrencies such as Bitcoin, Ethereum and Dogecoin. Businesses have also taken note of the promise of blockchain technology to improve the transparency and data integrity of distributed transactions.

Suseel Menon, senior analyst at Everest Group, said the trust and security policies and governance layers of cloud services are sufficient for most enterprise applications. In addition, several third-party data storage services can provide better governance and security with far less overhead than a blockchain would entail, he said.

Yearend Libor Phaseout to Require Automation | In the News

U.S. banks are looking to automation to aid in the yearend phaseout of the London Interbank Offer Rate (Libor) and to comply with a not-so-friendly push from the Federal Reserve to do so by Dec. 31.

The automation challenges for banks with regard to the Libor phaseout are many, Ronak Doshi, vice president at IT research firm Everest Group, told Bank Automation News. These include changing how documents are processed and risk-managed — even on new transactions — and the added complication of banks possibly opting for competing reference interest rates like the Secured Overnight Financing Rate (SOFR), American Interbank Offered Rate (Ameribor) and Bloomberg Short-term Bank Yield Index (BSBY).

Read more in Bank Automation News

India’s Covid-19 Crisis Tests the World’s Back Offices | In the News

India’s giant outsourcing firms are facing a two-front challenge: protecting the health of millions of employees as the nation suffers the world’s worst Covid-19 crisis, and ensuring that their work continues as usual for the big Western companies on their client lists.

Work capacity at Indian companies may have been down as much as 30% in recent weeks, said Peter Bendor-Samuel, chief executive of Everest Group, a Dallas-based firm that advises companies on outsourcing. With the nation’s medical infrastructure struggling to treat all the infected, workers may have little choice but to stay home and focus on domestic issues when family members get sick, he added. Yet some workers who were sidelined earlier are now returning, and Mr. Bendor-Samuel said he is not hearing of significant delays on any projects.

Read more in WSJ

Intelligent Automation: Understanding the Tools that Transform Your Business | In the News

Digital transformation has become a buzzword that can be an overwhelming concept. Most companies know they need to do it, but they are not sure where to start. With so many different acronyms and terms in the world of intelligent automation, it can be challenging to know what it all means.

According to Everest Group, the IDP market grew 25-50% in 2020, with finance and accounting processes and banking industry-specific use cases having the most penetration. IDP solutions help enterprises achieve cost savings while improving their workforce productivity and employee and customer experience.

Read more in ReadWrite

Tax Deadline Extension–A Boon for Finance Functions | In the News

According to the majority of the 300 senior finance executives surveyed in the Everest Group Global CFO Survey 2020, supported by WNS, agility is the name of the game (Figure 2). Agility is also about improving the speed of analyzing the data in the finance department’s operating funnel to enable real-time forecasts and trend analysis. This is a defining feature of the future-ready organization, and it must be a closely tracked objective of all digital efforts beyond just efficiency.

Read more in Bloomberg

Edge Requires Interoperability | In the News

Don’t count on a single vendor to build an entire edge stack. Edge deployments will vary greatly both in terms of devices and connectivity, as well as the deployment environment.

But there are also central commonalities: “The fundamentals of edge use cases continue to remain similar where the key ask is low-latency and reduction in network traffic transit,” Yugal Joshi, vice president at management consultancy and research firm Everest Group, tells The Enterprisers Project in a recent article on edge computing examples.

Read more in CIO

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