Industry trends for 2014

By : |January 3, 2014 0

PUNE, INDIA: After a relatively slow 2013, the global economy is trending towards the positive with easing credit availability, revenues picking up in many sectors, and the financial services industry leading the pack.

This is good news for niche, global IT companies; however, challenges remain in terms of reduced margins and regulatory concerns. To register faster growth in 2014, IT consulting and outsourcing firms will have to put in extra efforts to remain relevant to their clients, improve operational agility, realign service delivery models, and focus more on driving innovation.

From a market perspective, especially the financial services domain, the key business drivers for the year 2014 will likely be the enterprise mobility solutions space, disruptive technologies, digital media, and big data analytics. As leading players in the financial services industry look to enhance customer experience, explore new markets, introduce new products and services, and reduce costs, most are likely to favor for increased budgetary allocations in these specific areas.

This year too, these sectors have been among the key business drivers, and with a high success rate registered in terms of customer acquisition and retention, high ROI, and enhanced user experiences, it is likely that these will set the pace for growth in 2014 as well.

A confluence of the above is expected to be the central theme of key strategies that will outline technology implementation initiatives of global financial services firms. Leading the pack would be advanced enterprise mobility solutions delivered via innovative apps that will continue to meet the core objectives of anytime, anywhere access, all while ensuring enhanced interactivity and true-to-life features and functionalities.

As the digital ecosystem expands and matures, and gains further momentum on its evolutionary trajectory, providers will feel the need to redefine their enterprise mobility strategies to match the requirements of an ever-changing marketplace.

Market players would allocate more time and funds towards devising enterprise mobile strategies that are more attuned to gauging emerging consumer needs rather than utilize the conventional reactionary approach. This will entail investments in big data analytics tools and systems that can navigate through the complex architecture of the digital world and utilize advanced algorithms to intelligently decipher critical information about consumers and the marketplace. To stay ahead, market players will also need to assess the advantages enabled by emerging disruptive technologies and if the same can be utilized, as a part of the digital strategy, to positively impact consumer behavior and experiences.

Similar to trends in 2013, a significant percentage of IT budgets will be allocated towards meeting the stringent compliance and regulatory standards introduced in US and Europe. Existing IT infrastructure of banks, asset managers, wealth management entities, and energy & commodities trading firms will need to be upgraded, which will move a lot of consulting and technology implementation projects to outsourcing firms in India.

At Synechron, we are already doing a lot of work in the aforementioned areas, and expect more of these in the coming year. We are very bullish on 2014; expect a lot of movement in terms of growth, revenues and geographical diversification; and adding new expertise and capabilities. There will be challenges, but instead of waiting for stable conditions to emerge, I would rather adjust the sails via game changing strategies to take advantage of the opportunities in the market.

The author is founder and CEO, Synechron.

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