DALLAS, Jan. 26, 2009 – As the economy stagnates, financial services firms must differentiate themselves or face oblivion. Sooner rather than later, outsourcing strategy will be a key point of difference in the financial services industry.
According to Alsbridge, the leading outsourcing consultants, outsourcing cannot only reduce cost, but also achieve strategic initiatives. Chief financial officers and chief information officers will join forces, working harder than ever to slash costs and strategically streamline front-office functions.
Outsourcing will be a frequent management strategy, and can be a major point in differentiating a financial services firm from the competition, said Ben Trowbridge, CEO of Alsbridge, Inc.
In a current Alsbridge article posted on www.outsourcingleadership.com, “Sourcing Viewpoint: Window of Opportunity in the Financial Crisis,” Alsbridge Director Randy Vetter states, “Larger organizations have been bullied into retaining and growing large IT staffs to accommodate their need for specialized systems with innovative attributes and functionality.”
By contrast, successful small to mid-sized firms have relied on outsourcing vendors to help create an environment and staff with the right mix of experience and talent to accomplish what larger organizations use permanent staff to achieve.
The article states, “As your financial service institution migrates to a more strategic financial model that may increase outsourcing, a strategic consulting firm can help fill gaps and adjust your financial road map.”
Mr. Trowbridge said financial services firms face several key questions: - How should we engage IT through the outsourcing process? What amount of interaction and input will we need from IT?
- How will we control risk and remain in control of the business when moving to an outsourced model?
- How will we know whether a vendor can conform to our regulatory requirements?
- How will our organization continuously improve cost and efficiency after transition to a service provider?
Outsourcing financial functions often includes handing over risk, compliance and management. Alsbridge urges companies to strategically use leading-practice methodology and a service provider that will differentiate them from financial services competitors.
Read the full article, “Sourcing Viewpoint: Window of Opportunity in the Financial Crisis,” here.
For more information on outsourcing advisory services, contact Alsbridge at 214-696-6410 or visit www.Alsbridge.com. For more original research and insight on outsourcing topics, visit www.OutsourcingLeadership.com.
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About Alsbridge
Alsbridge, Inc. is an award-winning global advisory firm, providing unparalleled expertise in information, technology and business process outsourcing, shared services, finance and accounting, and benchmarking. The firm is fact-based and client-focused, with a proven methodology that fosters success. Alsbridge defines client goals and scope, finds the best cultural fit with providers, refines the best solutions and eases transitions and implementation. Founded in 2005, Alsbridge is the proven, effective difference. For more information, visit www.alsbridge.com. |
