Tag: service provider

Top Strategies for Creating an Employee-focused Digital Workplace | Webinar

ON-DEMAND WEBINAR

Top Strategies for Creating an Employee-focused Digital Workplace

Access the on-demand webinar, which was delivered live on May 5, 2022.

The adage “that which does not kill us makes us stronger” fits well for today’s workplace model. Our extreme focus on work from home (WFH) during the pandemic created employee and user experience UX challenges of a different scale. The consequences were severe employee burnout, dwindling organizational citizenship behavior, poor job satisfaction, and increased attrition.

Workplace leaders, like you, are now able to focus more on creating an experience-centric workplace, underpinned by empathy, delivering superior user performance and job satisfaction.

In this on-demand webinar, our experts explore in-depth coverage of the digital workplace segment and outline key UX challenges and mitigation frameworks for UX measurement and management that you can take advantage of today.

The on-demand webinar covers:

  • Complexities associated with measuring UX
  • Key focus areas of a holistic UX measurement framework
  • Key UX challenges and recommendations on moving to an XLA-based pricing model
  • Key recommendations for UX management

Who should attend?

  • CIO
  • CTO
  • CDO
  • Digital workplace leaders
  • IT Infrastructure leaders
  • Sourcing leaders

Invest to Grow or Invest in Efficiency? | Blog

Most IT technology in organizations focuses on helping to improve the efficiency of the organization. However, as digital transformation takes hold, we can now see that a significant portion of these new IT investments focus on building technology platforms that allow organizations to compete for customers. These new “growth-focused” investments behave differently than their efficiency-focused cousins. They create a more dynamic relationship between technology and the business and evolve at a faster rate, often in less predictable ways. This new relationship between the business and technology increasingly calls for a different governance, investment, and management philosophy.

L&T Infotech and Mindtree Merger to Start On Strong Foundation: Analysts | In the News

With the buzz about the merger of L&T Infotech (LTI) and Mindtree getting stronger, analysts believe that the merged entity will start on a strong foundation of growth as the combined total contract value (TCV) of both the companies at the end of FY22 was over $3 billion, but they are still skeptical on the timing of the merger.

“L&T is on the horns of a dilemma, both Mindtree and LTI are performing better than the market, and in fact, they are some of the top performers in the market. They are both performing significantly better than the scaled competitors such as Infosys TCS and Wipro, hence a merger is highly risky,” opined Peter Bendor-Samuel, CEO, Everest Group, an advisory firm.

Read more in Business Standard

Technology Service Providers’ Conundrum: Cloud Good for Growth, Not for Their Leadership | Blog

Leaders of cloud development at technology service providers are often seen as stars, leaving executives in charge of traditional segments feeling left out and unnoticed. The C-Suite needs to recognize the important contributions business units and their leaders play to the company’s overall growth and future success. Read on to learn the actions “non-cloud” business leaders should take to be sure they get the company investment, attention, and rewards they deserve. 

What describes the current cloud landscape for business at technology service providers

In our market observations, one aspect has become very common. Leaders at technology service providers who are driving cloud business development for their firms are witnessing much stronger professional growth in the organization than others.

Businesses always value and reward people who are part of fast-growing markets. Given that cloud business for technology service providers is growing two to five times more than overall company growth, it is the cynosure of discussions, investments, and leadership promotions. However, it is also creating challenges for C-level executives in terms of managing the morale of other “non-cloud” leaders.

As a result, we see some segments are now led by “lesser title” executives than in the past. Even if senior leaders run these businesses, they do not get the needed attention and investments from the C-suite. These units quickly become the cash cows that need to drive other high-growth business, such as cloud, which are subtle indications from top management around companies’ priorities.

What are non-cloud leaders doing?

Leaders driving traditional segments are partnering with cloud leaders to drive business. However, they also realize they need to play “second fiddle” in this partnership. Though the cloud business probably needs these segments more than vice versa, the cloud business becomes the fulcrum around which the partnership revolves.

This is forcing technology service providers to rethink the organizational structure of these segments. Some of them are or will embed these segments into different units instead of running them as standalone practices. Many leaders who were part of transformational offerings (e.g., modernization, platforms) have changed their roles now to align with cloud business units.

However, this is not enough, and the non-cloud leaders know it.

What should C-level leaders do?

Top management focuses on the overall growth of the firm. Cloud will continue to receive significant focus and investments from the C-suite because of the benefits of cloud technology to the business. However, the C-suite is failing to realize that the cloud business cannot be seen as an antagonist and other leaders should not feel excluded.

Although C-level executives have aligned non-cloud leaders’ incentives, growth, and influence areas based on capabilities, focus, and aspirations, they must design better models to engage them. They need to understand that cloud business development relies on the success of these other units that bring 50-80% of their top line.

While the cloud business at technology service providers acts as a “nodal agency,” it is unable to influence capability building across the organization. The key reason is because non-cloud leaders are unwilling to collaborate beyond the bare minimum because they see their personal growth being stifled even if they make the cloud business succeed.

We believe technology service providers who can solve this complex organizational structure problem will accelerate their overall business and cloud growth faster than their peers. As newer concepts of Metaverse, Digital Twins, Artificial Intelligence (AI), and composable businesses accelerate and large spend areas such as supply chain, networks, employee engagement, sustainability, and customer experience get disrupted by cloud, it will become even more important.

However, cloud will not be front and center before the strategy but an enabler for overall business outcome. Therefore, C-level leaders need to nurture their leadership outside of the immediate cloud business to prepare their organization for future success. Failing to do so may result in near-term growth for cloud business development but bring long-term challenges for the overall organization.

What should non-cloud leaders do?

  • Stake claim to the high table: Have the courage to speak up about the importance of your service line. Educate top management about how underinvestment in your business impacts the overall firm. Continue to collaborate with cloud leaders but build deep relationships where you are an equal partner instead of being in the back seat
  • Make your portfolio exciting: Leaders should make their management style and offering portfolio enticing. Unfortunately, most confuse their run the business innovation as exciting, which it is not. They should focus on revamping their offering portfolio, drive positive messages across team members about the impact they are creating, and create internal events for people to feel connected and motivated
  • Invest beyond run the business: Many leaders have almost given up on the hope of growth investing in their business. Some of it is a result of top management’s lack of interest, but in large part is due to the internalization the non-cloud leaders have of this apathy. These leaders need to build a stronger case for investments in their segments, link it to overall firm performance, and provide detailed insights into how their business is adding to cloud momentum
  • Quit: If the leaders continue to get short shrift in their organization, they should proactively look at opportunities outside their company. Smaller and niche companies are always seeking a growth-centric C-suite and will be happy to engage with them. In these companies, executives can create their charters and show the value add they can bring

What is your take on cloud business development at technology service providers? Please reach out to us at [email protected], [email protected], or contact us.

With the rapid pace of change and push toward digital adoption, enterprises need to identify the right vendors, determine the right price, and keep up with evolving operating models. Learn more in our webinar, Cybersecurity: What You Need to Know to Find the Right Partner and Price.

Resilience and Stability in the Workers’ Compensation Industry – This is the Right Time for Claims Transformation to Secure Future Growth | Blog

As the workers’ compensation industry emerges from the pandemic, leveraging digital technologies to transform claims handling and taking a customer-centric approach will help carriers maintain profitability. By using automation, analytics, and digitalization, players can differentiate themselves. To learn about the key workers’ compensation trends to pay attention to, read on.

The workers’ compensation industry has remained profitable through the pandemic, with claims severity remaining consistent and frequency continuing to decrease. But reduced net written premium, low-interest rates, and the economic slowdown are creating top-line pressures. Moreover, the sustainability of profits is not guaranteed.

As COVID-19 subsides and most industries return to normal workways, the workers’ compensation industry could face difficulties in holding on to gains if it doesn’t chart a dedicated plan to improve productivity, employee experience, and employer mandates to create market differentiation.

Process standardization and simplification are the need of the hour. The workers’ compensation industry must move from the “repent and repair” model to “prevent and prepare” by leveraging business intelligence through an end-to-end real-time data flow across processes to enable a more customer-centric approach toward claims handling.

Currently, efficiency is impacted by the lack of information that results in back-and-forth requests on multiple claims touchpoints. By integrating processes, carriers can obtain real-time data to design standard workflow for Straight-through Processing (STP), exception handling capabilities, fraud detection and claim reserves calculation, and reduce overall claims function cycle time.

Challenges to overcome for claims transformation 

In addition to concerns and uncertainty about the long-term effects of the pandemic, the workers’ compensation industry faces the challenge of outdated workflows with heritage issues such as:

  • Lack of information at each node in the claims management process that increases cycle time and leads to poor end-user experience
  • Paper-based processes that are roadblocks to enabling a virtual ecosystem consisting of digital payments, paperless documents, e-signature, e-inspection, and sundry processes
  • Cumbersome manual functions that should be automated
  • Lack of a framework for standardized processes and segregating functions, requiring customization such as objectionable and non-objectionable items having to follow the same workflow
  • Claims not being linked to risk assessment and reporting, which impacts new business and renewals and the mapping of profitable and loss-making segments
  • Inability to benchmark claims, assess claims performance, and understand market impact

To continue its growth, workers’ compensation industry players should look to implement digital transformation and optimize processes to reduce claims turnaround time. Carriers who focus on digital solutions and leverage data through automation and analytics will successfully pivot for the future.

Traditional claims versus digital claims

Picture1

Exhibit 1: Everest Group

Three workers’ compensation industry trends to watch

1 – The role of automation

Workers’ compensation claims consist of workflows requiring minimal manual intervention where automation can work as an enabler providing numerous benefits such as:

  • Enhanced user experience through conversational Artificial Intelligence (AI) for First Report of Injury (FROI)
  • Improved data validation and elimination of human error, enabling early-fraud detection and reduction in leakages
  • Automated claims routing for risk assessment through SOPs for STP, exceptions, and large claims
  • Auto approval of bills based on claim and treatment parameters can shorten handling time
  • Better claims capacity, improved backlog on open claims, speed to adjudication, and faster return-to-work solutions

Digital intake can remove friction and deliver a captivating experience for all stakeholders. By focusing on automation, workers’ compensation carriers will not only improve operational efficiency but also reduce operational costs – resulting in bottom-line benefits.

2 – Advancement in analytics

By adopting enhanced analytical capabilities, workers’ compensation carriers can increase their focus on the end-user experience and take a more proactive, prevention-based approach. Here are some ways this can be done:

  • Predictive and prescriptive analytics for insights on safety parameters will help prevent accidents and injuries
  • Predicting risk upon claim intake will smoothen the claim cycle for all stakeholders
  • Auto assignment of claims to an adjuster with relevant experience for backend issues
  • Individual and aggregated claims-based rules with persona-specific dashboards for different injury types
  • Implementing Key Performance Indicators (KPI) for assessing analytical potential

Advancement in analytics with proper predictive modeling techniques will reduce claims cost and improve claims severity, which, in turn, will deliver enhanced profitability.

3- Digital ecosystem and a safe workplace

The evolution of workers’ compensation claims in the future will depend largely on the assessment of intake efficiency, moving away from redundant processes, and instituting digital and data-led workflows. Technology usage will not only depend on the number of datasets with a carrier but also on the value generated to create new models for transforming the entire claims solution.

The cornerstone for transformation should be prevention and preparedness. With many organizations choosing to operate in a hybrid working model post-pandemic, it is imperative to assess the long-term impact of such changes. Internet of Things (IoT) and telematics can help achieve this through initiatives such as:

  • Smart workplaces with sensors, cameras, and other intelligent devices for continuous supervision
  • Digital collaborations for safety training and mechanisms with loss controllers
  • Wearable devices for loss prevention and control
  • Creating digital safety communities

With the pandemic pushing workforces to stay at home, telemedicine has gained popularity providing employees with medical consultation and reducing the away-from-work time. It is offering immediate care and a faster inquiry process by having expert medical professionals available. Telemedicine also helped promote claims advocacy and assisted in intake and triage through digital authorizations and workflow development for assigning priority to claim categories.

In the end, employers want stability and predictability of final claim costs. Regardless of how these macro trends affect the Workers’ Compensation industry, the focus should be on creating a safe workplace and taking all measures to prevent injuries and hazards.

To discuss workers’ compensation industry trends, reach out to Abhimanyu Awasthi at [email protected], Somya Bhadola at [email protected], or contact us.

Workplace leaders are also now able to focus more on creating an experience-centric workplace through digital technologies, delivering superior user performance and job satisfaction. Learn more in our webinar, Top Strategies for Creating an Employee-focused Digital Workplace.

TCS Has Upper Hand with Deal Wins, Lower Attrition in FY23 vs Infosys | In the News

The country’s second-largest software services firm Infosys beat larger rival Tata Consultancy Services (TCS) in terms of revenue growth for the fiscal 2022, clocking 19.7% yearly growth in revenues in terms of constant currency for the full fiscal year, while the Tata Group company metric came in at 15.4%.

“Infosys is growing significantly faster than TCS; however, they did decelerate modestly and at least some of this looks to have been due to a client contract provision. While Infosys still sees a good pipeline of large deals, its large-deal TCV in FY22 at US$9.5 billion was 33% lower than FY21 due to lack of mega-deal signings,” said Peter Bendor-Samuel, CEO of Everest Group.

Key Global Services Trends Shaping 2022

Key Global Services Trends Shaping 2022 | On-demand Webinar

The global services industry has found its stride coming out of 2021, showing transformational growth and ceaseless resilience with no sign of slowing down.

In this webinar, our experts break down key global services market developments and explore trends in outsourcing and the global in-house market. The speakers also report insights on talent, location activity, service provider M&A activity, and the key trends likely to shape the global services industry in 2022.

During this session, attendees learn:

  • How the global services market performed and key developments in outsourcing in 2021
  • Insights on the growth of the GBS market
  • The evolution of the delivery center location strategy
  • Expectations for 2022 and how to continue to prepare
  • Key factors for success for this year

Who should attend?

  • Market Vista Members
  • CEOs and CXOs
  • Global sourcing mangers
  • Vendor managers
  • Buyers and providers of services
  • Locations portfolio strategy professionals
  • Leaders of workforce strategy

Our Experts

Infosys Has No Plans to Do Business with Russian Clients: CEO Salil Parekh | in the News

Against the backdrop of the ongoing Russia-Ukraine conflict, IT major Infosys on April 13 made it clear that it has no plans to do business with Russian clients.

According to data from Everest Group, there are close to 70,000 to 100,000 highly qualified workers in digital engineering and IT skills who will face disruption. Of this, close to 30,000 are working for third-party service providers across banking and financial services, retail, automobile, and healthcare. About 20,000 are employed in global business service centers in Ukraine, and another 30,000 in Belarus and Russia for third-party services providers and GBS.

Read more in Money Control

9 Outsourcing Myths Debunked | In the News

The global IT services industry has emerged from two-plus years of a global pandemic to establish itself as even more vital to the success of enterprise IT organizations. As corporate IT looks to manage unrelenting demand for technology-enabled change in a challenging talent environment, outsourcing partnerships have proved pivotal.

“Companies are finding it exceedingly hard to find skilled talent especially in the US and Europe, and consequently outsourcing (and offshoring) are becoming important for companies to access talent in labor markets such as India,” says Jimit Arora, Partner at Everest Group.

Read more in CIO

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