International Data Corporation (IDC) has released a new series of 2014 MarketScape reports that provide an assessment of a number of providers participating in the worldwide banking business consulting services market, the worldwide insurance business consulting services market, and the worldwide capital markets business consulting services market.
The study, IDC MarketScape: Worldwide Business Consulting Services for the Insurance Industry 2015 Vendor Assessment (IDC #253461), named PwC, KPMG, IBM, and EY as Leaders.
“To focus on sustainable, profitable growth, global insurers will need to confront multiple challenges – ranging from the perils of shifting from a product to the customer centric-profitability model to reengineering or rebuilding legacy applications and keeping healthy capital buggers to countering mounting insurance fraud – all while ensuring flexible strategies to keep them positioned to embrace growth prospects.
“Business consulting services that aid insurers and their intermediaries in consistently delivering on positive customer experiences and actively reengineering operations to cater to the ‘segment of one’ will be amply rewarded, as will their clients with loyal and connected customer advocates, sustained high performance, and corresponding profitable growth.” — Cushing Anderson, vice president, Business Consulting Services, and Michael Versace, global research director, IDC Financial Insights
“The capital markets industry is the largest financial services market sector for business consulting. Consulting firms have built significant domain expertise and services that today assist clients with business growth strategies, the design and measurement of cost-efficient financial operations, and the scale and capabilities necessary to maneuver through a complex and ever-changing regulatory setting.
“Based on the research contained in this document, we find that some consulting vendors are better able to produce meaningful results than others.” — Cushing Anderson, vice president, Business Consulting Services, and Michael Versace, global research director, IDC Financial Insights: Worldwide Risk and IT Infrastructure Strategies
“The banking industry is in the midst of the biggest digital transformation it has seen in decades. Back in 1980, when John Reed, then CEO of Citibank, declared that ‘banking was just bits and bytes,’ many in the industry saw this as the future, but few if any understood the importance of this vision at a time when businesses were run on physical infrastructure and 1st Platform technology, before the age of call centers, the Web, and Internet banking.
“To excel in this new digital era, consulting firms are called on to address the range of digital business needs and challenges, ranging from optimizing customer engagements to using compliance as a competitive advantage. Based on the research contained in this document, we find an active, competitive marketplace for business consulting in banking, with some vendors better able to produce meaningful value than others, according to their clients.” — Cushing Anderson, vice president, Business Consulting Services, and Michael Versace, global research director, Financial Insights: Worldwide Risk and IT Infrastructure Strategies
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of IT, telecommunications, or industry-specific suppliers in a given market.
The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market.
IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT, telecommunications, or industry-specific vendors can be meaningfully compared.
The framework also provides technology buyers with a transparent foundation to allow companies to independently compare the strengths and weaknesses of current and prospective vendors.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.
With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries.
Its analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a subsidiary of IDG, the world’s leading technology media, research, and events company.