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Hackett Research: Inflation, Geopolitical Unrest, Other Factors Drive Up Operational Costs of Finance for the First Time in Decades

The Hackett Group

Miami, FL — July 13, 2023 — For the first time in decades, most finance organizations experienced a significant increase in operating costs in 2023, driven by inflationary pressures, geopolitical unrest and other uncertainty factors, according to new research from The Hackett Group , Inc. NASDAQ: HCKT).

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Top 5 Automation Use Cases for the Front Office

Automation Anywhere

For example, in an investment bank , the front-office departments consist of sales, investment banking, private equity, equity research trading, and wealth management. The front office operates autonomously but relies on the back office for support in the form of secretarial, accounting, human resources, and internet technology functions.

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One of the Best Strategic Business Decisions: Outsourcing

Premier BPO

Outsourcing providers have also been impacted by such changes, with 59% 1 of Global Business Services looking to automate their processes with technological advancements like cloud and AI. These tools encompass a wide range of technologies requiring deep expertise in areas where your business is unlikely to have the team to accomplish this.

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IBM named a Leader in The Forrester Wave™: Digital Process Automation Software, Q4 2023

IBM Services

Forrester Research just released “The Forrester Wave™: Digital Process Automation Software, Q4 2023: The 15 Providers That Matter Most And How They Stack Up” by Craig Le Clair with Glenn O’Donnell, Renee Taylor-Huot, Lok Sze Sung, Audrey Lynch, and Kara Hartig and IBM is proud to be recognized as a Leader.

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Key Software Development Outsourcing Statistics and Trends for 2024

Groove Technology

Organizations can achieve substantial cost reductions through outsourcing while accessing a global talent pool of 28.7 Research indicates that outsourcing can expedite product launches significantly. According to industry research, 62% of tech executives plan to increase their outsourcing budget to meet new technical challenges.

Software 100
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Hackett: Procurement Operating Costs Increase For the First Time in a Decade

The Hackett Group

Despite increases in year-on-year operating costs, Digital World Class procurement organizations excel at cost optimization compared to typical organizations, The Hackett Group ® found. They now operate at 21% lower cost than their peers and have 32% fewer staff. Digital World Class Procurement Orgs Drive 2.4X

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The Future of Blockchain in Banking and Financial Services and FinTechs | Blog

Everest Group

McKinsey estimates blockchain is expected to save around US$4 billion in cross-border payments and US$1 billion in retail bank operating costs and reduce regulatory fines by US$2-$3 billion and annual losses from fraud by US$7-$9 billion. This can save money on transaction processing, leading to lower operating costs.

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