Singapore

Details

  • Industry: Financial Services
  • Type: Business and industry issue, Publication series
  • Date: 1/7/2013

Financial Services Briefings (Issue 8, Jan 2013) 

Outsourcing is shifting from pure cost reduction to achieving true operational excellence in support functions. It is also a way in building a scalable delivery model that can support businesses effectively and enable risk transfer.
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In a world where most IT environment source their requirements from a multitude of service providers, service integration is the key to unlocking the benefits of this multi-sourced environment – reducing risk, driving cost savings and improving the quality of service provided to the end user.

Whilst multi-sourcing offers the benefits of specialisation and cost competitiveness, it also presents significant governance challenges in ensuring the service quality and efficiency an organisation is looking to achieve. Service Integration, which is the coordination of people, processes and tools/technology across multiple service providers, helps in managing the quality and effectiveness of delivery to the end user.

For the Financial Services industry, we see a growing trend in outsourcing Service Integration as a discrete service to a third-party service provider. Indeed, multi-sourcing models require a new discipline to measure and monitor the performance of sourcing relationships. Imperative to this process is commitment to full transparency by both client and supplier. Adopting the right Service Integration model can make the difference between a successful organisation and one that only delivers sub-optimum, disconnected services from disparate sources.