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.
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.
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.
I’ve discussed in several recent blogs software-defined operating platforms, which cause a dynamic, much more intimate relationship between a company’s tech stack and operations. The new world of these platforms is different from the old tech and operations relationships with ERP systems. In fact, this new dynamic relationship challenges the fundamental view of technology components. Question: Is the whole tech stack changing, or are companies just adding layer after layer on top of the tech stack’s existing foundation? In this blog, I explain why it is important to understand the answer to this question.
Business leaders are looking to digital transformation as a key priority as they battle high inflation and changing macroeconomic conditions.
More than 70% of CFOs now recognize the need to leverage digital technologies to improve efficiency, effectiveness, and stakeholder experience, according to the 2022 Global CFO survey conducted by Everest Group and supported by business process management company WNS holdings.
Read more on Economic Times
A number of enterprises already use intelligent data processing to streamline business processes at a faster speed and at lower cost. As the volume of information increases and the need to perform analytics on it grows, more companies will resort to AI-driven solutions such as IDP.
The global IDP market alone, estimated at USD $700-750 million in 2020, is expected to grow at a rate of 55-65% throughout 2022, according to Everest Group. This trend is being driven by the significant cost benefits of the technology, combined with improved operational efficiency and productivity.
Developers must often build and integrate apps that consume time series data using a mix of clouds, languages, frameworks, and tooling. Time series data isn’t a new challenge for software developers, but the exponential increase in time series data in recent years (with no signs of slowing down) certainly makes it more complicated.
“Tool integration and usage is always a challenge, and time series data applications are no exception,” said Yugal Joshi, Partner at Everest Group, where he leads digital, cloud, and application services research. “However, this challenge isn’t worse in this scenario.”
With so many industry cloud platforms available from different technology players, selecting the right solution for your enterprise is not simple. Learn the important characteristics to look for from providers in this latest blog in our industry cloud series.
As cloud technology matures, industry-specific solutions are emerging as a leading preference over generic options to deliver efficiency, experience, innovation, and business-enabled growth. According to Everest Group’s latest survey, a staggering 87% of enterprises rate industry cloud as one of their top three investment priorities.
The supply landscape is heating up with technology providers leading with an industry cloud-focused go-to-market narrative, investing in multiple offerings for target verticals, initiating industry cloud-dedicated partner launch programs, and announcing large enterprise engagements.
Many technology providers operating in different spaces are approaching this market in their own ways. In our last two blogs on this topic, Demystifying Industry Cloud and The Battle for Supremacy in Industry-specific Cloud Has Begun, we discussed the evolving industry cloud solution provider landscape and go-to-market strategies adopted by key ecosystem players.
Read on for a deep dive into suppliers’ industry cloud offerings and our recommendations to equip enterprises to select the best-suited industry cloud solution for them.
The following three broad categories of industry-specific cloud solutions are emerging in the market:
Though the objectives appear similar, technology providers take different routes for portfolio development based on their heritage and core strengths and provide varying degrees of industry specificity, adaptability, and improvisation.
For instance, cloud infrastructure providers offer flexible and ecosystem-driven industry cloud, while business solution providers have a more exhaustive use case coverage.
Enterprises need to make informed decisions when selecting providers of choice and carefully consider their business objectives, existing technology landscape, level of industry-specificity and enterprise-contextualization required, and preferred consumption model (off-the-shelf solution versus customized offerings).
Below, we detail the key characteristics of each solution type to assist enterprises in selection.
Cloud infrastructure players provide a basic level of industry-specific functionalities and configurations powered by advanced cloud computing and next-generation technology capabilities in data analytics, Artificial Intelligence and Machine Learning (AI/ML), and the Internet of Things (IoT).
These most benefit existing consumers of cloud infrastructure providers’ technology stack that intend to digitize their platforms and services by co-creating or co-developing solutions with ecosystem players, instead of preferring directly consumable end-to-end industry cloud offerings.
Level of industry-specificity: Low-medium
Degree of customization: High
Enterprise consumers of Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), and other horizontal applications focused on achieving unified customer relationships, and employee experience can leverage industry cloud solutions by these providers.
Enterprise platform providers provide out-of-the-box industry solution workflows, built on core horizontal enterprise platform functionalities consisting of purpose-built functionalities, pre-built data models, and automation and AI/ML capabilities for particular industries.
Their focus is on digitizing vertical systems across the front, middle, and back offices, powered by customer data-related insights and integration between the sales and operations teams. These offerings have a limited level of customization and are usually available as different editions of off-the-shelf offerings.
Level of industry-specificity: Medium
Degree of customization: Medium
Enterprises requiring extensive value chain coverage and high-grade industry-specific cloud solutions that are looking to digitize their industry platforms can consider offerings by business solution providers.
These solutions are delivered in a pre-packaged and composable format. Enterprises can consume these solutions and services in a modular form and augment functionalities by developing vertical-specific solutions and services on top of these platforms.
Level of industry-specificity: High
Degree of customization: Low
These providers cannot independently provide end-to-end expertise across all layers of an industry cloud stack – infrastructure and platform layer, application layer, differentiation layer, and customization layer.
While these players bring their own strengths to the table, they rely on each other to fill in the missing pieces.
Both cloud infrastructure players and enterprise platform providers depend on business solution providers for domain expertise and vertical-specific contextualization. Meanwhile, enterprise platform and business solution providers rely on cloud infrastructure providers for underlying compute and next-generation technology capabilities.
In this ecosystem-led play, SIs play the key role of ecosystem enablers. For an effective industry cloud implementation, enterprises should engage with SIs for enterprise contextualization, industry knowledge, implementation capabilities, and system integration expertise.
To illustrate, we compare different industry cloud solutions in the banking and financial services space by these provider categories below:
Though this space is witnessing heightened investments and significant interest among enterprises, the market is still primitive, and the road to success is not straightforward.
To ensure optimum value from industry cloud adoption, enterprises need to clearly define their industry-specific cloud requirements, identify target use cases, choose the appropriate sourcing strategy, analyze available solutions, align the partner ecosystem, factor in technology-related dependencies, and consider industry-specific compliance regulations.
Also, learn how enterprises can measure the value of cloud and how to unlock its full potential to maximize efficiency in our webinar, How to Unlock the Full Value of Cloud.