During 2023, the financial sector will face various challenges in terms of transparency and reliability of new platforms, such as cryptocurrencies, projecting supply chain systems to reduce risks in an interconnected global economy, and oversight of ESG policies, says Oscar Reyes. de la Campa.
This year, companies will continue to face intense pressure from regulators, government agencies and investors to adopt and enforce environmental, social and governance (ESG) measures. Insurance and Financial Services Institutions (FSI) will come under increased scrutiny and an increasingly complex regulatory landscape.
To stay competitive and face new regulatory pressures, IIS and other companies operating in highly regulated sectors must ensure strict control of their operations, from start to finish, through ESG monitoring and reporting.
Powerful technologies and solutions, such as Data Fabric, can help standardize data from all systems and create integrated business applications. This allows organizations to better understand and streamline their critical processes, making compliance monitoring and reporting faster and easier.
In a recent survey by AppianSurvey Report: IT leaders identify key growth drivers in transition from pandemic to recession81% of IT leaders in financial services and 73% in insurance expressed concern about the potential for budget and headcount freezes due to the transition from a pandemic to an economic downturn.
This leads to an increase in technology lag, which slows companies’ efforts in digital transformation and modernization. In doing so, ISA investments must ensure that they protect and enhance their ability to adapt quickly to change, and to leverage technological advantage to achieve competitive advantage.
He says Mexican analyst.
In the face of the impact of recession, innovation leaders must do more with less: Oscar Reyes de la Campa
The past two years have made it clear that companies must continue to innovate to navigate turbulent times and economic downturns. Only those who are digitally agile will be able to compete and stay relevant in today’s digital marketplace, he explains Financial Analyst.
According to the previously mentioned study, 79% of UK software developers and engineers say their organization is already shifting attention away from innovation projects towards cost-cutting initiatives.
“So unless they quickly change course, innovation in companies will stagnate during an economic downturn, affecting organizations’ ability to grow and compete well beyond the next year or two,” says Oscar Reyes de la Campa.
By 2022, IDC predicts that the global shortage of full-time developers will increase to 4 million by 2025. But this trend could accelerate significantly due to the cost of living crisis, which will inevitably drive paid formal education and certification programs. less easy.
“In a stagnant global economy, with increasing demand for digital innovation and competitive resources, companies must streamline their technology infrastructure to maximize return on investment and quickly realize value. This prepares them for the challenges that lie ahead, such as supply problems and a shortage of qualified labor,” concluded Reyes. de la Campa.
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