Financial Services Sluggish Adopters of Strategic Outsourcing

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    DestinationCRM contributor Alexandra DeFelice provides a good rundown on an outsourcing presentation given by Gartner analyst Kimberly Harris-Ferrante during Gartner’s Financial Services Technology Summit in New York this week.

    Evolved Outsourcing for Financial Services” reports that only about 30% of financial services providers will be in a position to take a “more strategic approach to outsourcing” by the end of 2006.

    Echoing Frank Casale in an interview published this week on Sourcingmag.com, Ms. Harris-Ferrante says failure to communicate is one of the biggest reasons outsourcing projects fail — along with “bad contract management, unrealistic expectations, staff turnover, and incomplete or invalid metrics.”

    The article summarizes the three-level evolution — efficiency, enhancement and finally transformation — that companies must go through in developing their outsourcing strategy and thereby strengthening their differentiation.