The post-pandemic landscape has made CFOs evaluate business models and place more value on transformative initiatives that help them prepare for future challenges. Their roles have changed along with their areas of focus.
Learn how CFOs’ imperatives have changed since 2020, according to a new report from Everest Group and WNS, Global CFO Survey 2022: Separating Chatter from Reality.
Historically, Indian IT firms used consulting as the “tip of the spear” with the objective of creating more pull-through revenue for their core business.
“This has led to subpar monetization of consulting practices since these were included with a broader piece of work and not monetized significantly on their own, compared to larger consulting firms who often took a billable headcount approach,” said Nitish Mittal, Partner, Europe Technology Practice, at Everest Group.
The deal was expected to bolster Wipro’s presence in the banking, financial services & insurance (BFSI) space, its largest vertical contributing about 30% to the total revenues.
Returning to pre-pandemic levels of hiring volume and velocity is a sign of a larger correction and calibration underway. However, employee growth has been slowing and, in the third quarter of 2022, returned to pre-pandemic levels.
Nitish Mittal, Partner at Everest Group, believes that the market for IT services will decelerate from 10.4% organic constant currency growth in FY22 to 6.7% in FY23 (March ending).
In a discussion with the Global Sourcing Association, David Rickard, Vice President at Everest Group shares his top-level view on the CX industry, its challenges ahead, the growth of the industry, and much more.
Top IT companies are reporting pricing improvements in new digital deals due to an inflation adjustment across their key markets like the US and Europe.
Everest Group CEO Peter Bendor-Samuel said service providers have been getting pricing benefits for the last 3-4 quarters. They have now started realizing a meaningful impact on their P&L as these deals have ramped up, and the overall mix of deals with better pricing terms has improved, he said.
To attract, engage, and retain talent, enterprises need to ensure they are aligned with current trends, understand employee pain points, and redesign experiences — including payroll.
With the workforce currently comprising five generations, according to Everest Group, Millennials and Generation Z will account for more than 65% of the workforce by 2025.
Driven by the talent war, great resignation, and demand for hybrid working models, enterprise HR experts rank “enhanced employee experience” as a key priority.
Multi-Process Human Resource Outsourcing (MPHRO) deals are again on the rise this year after disruption due to the pandemic as clients seek end-to-end services that include talent acquisition and development and keep employee experience at the core, says leading IT research firm Everest Group.
The best strategy to maximize business needs amid inflation involves appreciating existing shifts in economic forces to source partnerships for improved business value.
Amy Fong, Partner at Everest Group, says that industry stakeholders can only lower outsourcing costs by appreciating the concern’s existence and developing appropriate strategies to improve flexibility in industrial operations.
With increasing disruptions to traditional business models and the rapid adoption of exponential technologies such as Web 3.0, the metaverse, and 5G, enterprises need a new technology strategy to compete in the market.
“As organizations across industries claim to be technology firms, CIO and IT leaders are getting a seat at the table to shape the organization’s growth strategy,” said Ronak Doshi, Partner at Everest Group.
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