Industry
IT Solutions for the Financial Services Industry
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The Challenges That Can Lead to Opportunities
In recent months, the financial services industry has been recovering from a period of rapid technology adoption, forced remote services and collaboration, and major upticks in payment and loan extensions due to COVID-19. The industry is starting to adopt the advanced technologies that will power the industry moving forward.
To enter into a tech-first financial services model, firms must face some hard truths:
- Banks have seen a 35% to 50% decline in branch transactions over the past five years at most institutions, with no indication if those numbers will recover post-pandemic.
- 74% of global consumers say they want to continue to use contactless payment even after the pandemic.
- In 2020, 44% of retail banking customers relied on mobile apps to conduct business.
- Institutions must navigate the balance between in-person and digital services, relying on zero trust networks and work-from-anywhere solutions to close the gap.
IT Solutions for the Healthcare Industry
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Meeting Healthcare Technological Barriers Head-on
Hospitals and healthcare providers stand at the apex of technological evolution now that COVID-19 has forced digital transformation, patient-focused telemedicine, personalized healthcare, and interoperability.
The industry has an opportunity to transition from an era of massive, unparalleled disruption to digital stability that builds on new innovations and cloud technologies. As this evolution takes place, providers are facing critical concerns:
- 2020 survey cites EHR/EMR optimization, patient engagement/customer technologies, and data analysis as the top 3 CIO priorities.
- 61% of the CIOs surveyed said limited bandwidth is their biggest barrier to making progress in these IT initiatives.
- Healthcare leadership wrestles with the competing goals of providing seamless, easy-to-access patient experiences and safeguarding data privacy.
- Cloud is taking the front seat in healthcare with 87% of healthcare organizations planning to increase hybrid cloud adoption and decrease traditional data center deployments.
- Security and data privacy remain top of mind with HIPAA violations running anywhere from $150 – $50,000 per violation.
IT Solutions for the Restaurant & Hospitality Industry
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Industry Challenges
- Restaurant and hospitality sales are increasing, but still haven’t reached pre-pandemic levels.
- Restaurants across the U.S are experiencing a very unexpected and persistent worker shortage; staffing is 20% lower than it was pre-pandemic.
- Investments in software as a service (SaaS) solutions for hospitality are exploding.
- According to Gartner, customers are demanding quicker, touchless, and digitally-oriented services.
- 54% of restaurant IT budgets are spent just maintaining their current technology solutions.
- 90% of restaurateurs plan to implement customer engagement initiatives, 42% of which are looking at building or expanding customer loyalty programs.
IT Solutions for the Retail Industry
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Retailers Are Still Recovering from Years of Disruption
- According to Gartner, 63% of retail and e-commerce companies plan to increase their investment in data analytics and e-commerce portals and websites in 2021.
- 37% of retailers are now offering same-day delivery.
- Online shoppers return 25% of their online purchases; as a result, the reverse logistics market is expected to reach $603.9 Billion by 2025.
- According to research by McKinsey, the retail industry experienced a decade’s worth of growth within the first three months of COVID.
- Retail investments in technology tripled in Q1 of this year compared to the same period last year.
- 71% of retailers name “lack of real-time inventory visibility” as a major supply chain obstacle.
IT Solutions for State and Local Government
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Serving Citizens in New Ways is More Important than Ever
- According to McKinsey, consumers are now connected more than ever, with an incredible 127 devices connecting to the internet every second. The need for governments to be digital and increasingly mobile accessible is not going away.
- As Deloitte points out in their data signals: US$225.5 billion is the expected global market size for smart city services in 2026, a steep rise from US$93.5 billion in 2017.
- By 2025, Gartner estimates that over 95% of new digital workloads will be deployed on cloud-native platforms, up from 30% in 2021.