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IT Outsourcing Surges Amidst Global Uncertainties
Organizations are accelerating their strategic plans in response to the continued economic uncertainty and social instability. In response, IT leaders expect to increase their outsourcing budgets this year, according to our new IT Outsourcing Statistics 2023 study. This Research Byte summarizes the factors behind the upward trend in IT outsourcing.
April, 2023
IT Management Staffing Levels in Long-Term Decline
Generally, the ratio of IT managers to the total IT staff has been decreasing over recent years. In fact, the 2022 percentage stands at the lowest this metric has been in more than a decade. While increasing cloud transformation is a major reason for this drop, there are other factors at work. This Research Byte examines the possible causes.
June, 2023
Digitization to Improve Patient Convenience and Drive Profitability
Rising healthcare and operational costs pose a challenge to improving patient experience, collections, and provider margins, making them vulnerable to recession. Though physician and provider productivity is increasing as patients continue to reengage and seek care that was put off during the pandemic, there was a 12% YOY increase in median investment/subsidy per provider FTE. Healthcare providers also need to address patients expecting seamless digital interactions, desiring convenience and empowerment in their care journey to improve their experience. In order to support these, they increasingly rely on revenue cycle management (RCM) service providers’ expertise through outsourcing. This is evident from a 15%–25% increase in the revenue of RCM outsourcing service providers in 2021–2022. Both demand-side and supply-side trends are covered in our RCM Business Process Transformation 2023 Market Insights™ and RCM Business Process Transformation 2023 RadarView™, respectively.
July, 2023
Data Management and Advanced Analytics Services: Providers Pivot toward Data Visualization and Monetization
While not a new field, data transformation projects have experienced significant growth over the past 12 to 18 months. This surge is in response to evolving business needs influenced by the proliferation of data and technological advancements, including streaming analytics and edge computing. These initiatives aim to achieve hyper-personalization, enhance internal data accessibility, increase customer engagement, and extract valuable insights from unstructured datasets. In turn, these efforts drive growth and innovation within organizations. Both demand- and supply-side trends are covered in Avasant’s Data Management and Advanced Analytics Services 2023 Market Insights™ and Data Management and Advanced Analytics Services 2023 RadarView™, respectively.
October, 2023
Nordics: Accelerating Data-driven Innovation through Technology
Nordic countries have been at the top of their game when it comes to digital competitiveness and sustainability goals. While governments are looking to further improve citizen services, establish smart cities, and enhance the ease of doing business, they are experiencing critical challenges such as facing digital talent shortages, ensuring cyber resilience, and protecting data sovereignty. Regional enterprises are proactively investing in advanced digital technologies such as AI, analytics, cloud, 5G, IoT, and AR/VR to fuel data-driven innovation, improve customer experience, and solidify their position as global firms while addressing national digitalization objectives. As this requires strong technological expertise and delivery capabilities, Nordic firms are collaborating with service providers for digital transformation. Both demand-side and supply-side trends are covered in our Nordics Digital Services 2023–2024 Market Insights™ and Nordics Digital Services 2023–2024 RadarView™, respectively.
December, 2023
Disaster Recovery Plan Testing: A Formal but Inconsistent Practice
In today’s unpredictable business environment, there is an increasing reliance on data and digital systems to operate efficiently. With this comes the need for robust disaster recovery (DR) plans and testing to reduce the impact of unforeseen events. The effectiveness of a DR plan can only be truly validated through routine testing. However, while this practice is growing, few organizations are testing their DR plans formally and consistently. This Research Byte summarizes our full report on disaster recovery plan testing as a best practice.
January, 2024
F&A Outsourcing Evolving amid Enterprise Challenges and Tech Disruptions
The finance and accounting (F&A) function has witnessed significant traction and has undergone several paradigm shifts over the last few years. This results from various factors, such as the rise of disruptive technologies like generative AI, worldwide pressure of declining GDP growth, high inflation, increasing risk of cybersecurity attacks, and issues with financial data privacy. This led to an over 13% growth in F&A outsourcing from July 2022 to July 2023 and an over 7% growth in active clients during the same period. To address these enterprise challenges and changing outsourcing dynamics, service providers are introducing technology-enabled solutions, especially generative AI-enabled solutions and sustainability-focused offerings, and expanding to newer service areas.
February, 2024
IT Spending on the Rise Despite Uncertain Economic Future
Our forecast for enterprise IT spending in 2024 is partly sunny, with a chance of strong headwinds. With stronger-than-expected economic data in the US and Europe and easing inflation, the world economy in most regions looks poised for the soft landing that central banks were aiming for. Our survey shows that IT budgets will continue to grow, and enterprises expect a slightly better year than 2023. The worldwide outlook is cautiously optimistic. This Research Byte summarizes the full study.
March, 2024
Navigating Pitfalls in the Transition to IT Managed Services
In the T&M model, the customer agrees to pay the contractor based on the time spent on the project and the cost of materials used. This model is often used when the scope of the project is not well-defined or is subject to change. It provides flexibility for both the customer and the contractor, as the customer can adjust the scope of the project as needed, and the contractor is compensated for any additional time or materials required. However, this model does not always work in a managed services environment.
April, 2024
AR/VR/XR Services: Enabling Faster Innovation Backed by Gen AI
As the notion of the metaverse captured the imagination of various industries, the AR/VR/XR sector experienced a notable uptick in enterprise attention. Yet, as the initial fervor waned, project progress stagnated, underscoring a desire for more captivating and visually immersive offerings. However, with the advent of spatial computing, strides in multisensory technologies, and the integration of Gen AI, a renewed vigor now permeates the landscape. These advancements make AR/VR/XR more exciting, allowing businesses an opportunity to change how they work using immersive technology. Both demand-side and supply-side trends are covered in Avasant’s AR/VR/XR Services 2024 Market Insights™ and AR/VR/XR Services 2024 RadarView™, respectively.
June, 2024
Beyond the Burnout: The Nursing Shortage and the Road Ahead
The world is facing a critical healthcare challenge: a nursing shortage. This imbalance between the demand for nurses and the available workforce is putting a strain on healthcare systems around the globe. The nursing shortage is not a new phenomenon, but it has worsened in recent years. An aging population, coupled with high nurse burnout and turnover rates, has created a significant gap in nurse availability. The World Health Organization estimates a deficit of 4.5 million nurses worldwide by 2030, with the shortage being particularly acute in low- and middle-income nations.
June, 2024
Enhancing Productivity and Customer Experience for Enterprises through Generative AI Capabilities in CRM
Enterprises are increasingly adopting cloud CRM platforms to enhance sales productivity, improve customer service efficiency, and gain deeper insights. CRM vendors are integrating generative AI capabilities across the CRM value chain to automate tasks, generate predictive insights, and facilitate skill development while forming strategic partnerships to augment customer engagement and operational efficiency. Industries such as manufacturing, retail, and high-tech show high adoption rates, driven by the need for better production planning, omnichannel experiences, and personalized marketing. The adoption of CRM suites is leading enterprises to significant revenue growth through enhanced upselling and cross-selling opportunities.
July, 2024
Breakthrough Innovation Through Digitalization in the Healthcare Provider Space
Healthcare providers encounter many challenges, including regulatory compliance, data security, and operational inefficiency caused by outdated systems. The demand for seamless interoperability and real-time data access further complicates patient care. To tackle these issues, providers are embracing digital technologies such as cloud-based electronic health record (EHR) systems, AI/ML, and RPA. These tools enhance data accessibility, streamline workflows, improve patient engagement, and provide personalized care. In addition, providers are investing in cybersecurity measures such as Zero Trust and Secure Service Edge architectures to safeguard patient data, ensure regulatory compliance, and maintain trust in an increasingly complex healthcare environment. Both demand-side and supply-side trends are covered in our Healthcare Provider Digital Services 2024 Market Insights™ and Healthcare Provider Digital Services 2024 RadarView™, respectively.
August, 2024
Building a Culture of Innovation: Carnival Cruise Line’s Innovation Journey
Explore how Carnival Cruise Line drives innovation through a culture of experimentation, technological advancements like facial recognition, and sustainability initiatives. Learn key insights from their recovery post-pandemic and commitment to enhancing the guest experience.
September, 2024
Digital CX Services: Driving Personalization and Streamlining CX Operations Leveraging AI and Analytics
Enterprises are focusing on implementing a unified customer experience (CX) strategy and eliminating data silos by investing in emerging technologies and tools such as CRM, data management platforms, customer data platforms, marketing automation platforms, and business intelligence tools to improve customer insights, enable omnichannel content personalization, increase customer loyalty, streamline operations, and offer proactive customer support. Service providers are also developing generative AI-powered industry-specific solutions targeting use cases such as streamlining marketing and call center operations for healthcare, personalizing marketing campaigns, and offering AI assistants for guided selling and self-service for telecommunications.
October, 2024