Business Transformation: Sector Overview and Developments
2017 saw extraordinary change for businesses in Ireland and the trend is so far continuing throughout 2018. The Financial Services industry has seen some dramatic technology-led changes over the last number of years with advances in digital banking and changes to consumer trends. The banking sector in particular is struggling to come to terms with ever tightening regulation and the emergence of challenger banks and peer to peer lending.
For many organisations business change & business transformation can be a challenge within complex business settings where people, processes, and systems may not readily embrace such change.
Traditionally transformation projects in Ireland have been managed and delivered by external specialist consultancy firms. However, during 2017 we noticed a slight shift away from this model. Organisations are taking more responsibility for managing projects through in-house change management functions. These change management functions are made up of permanent and contract resource.
We expect clients to leverage more on the contract market this year to enable them to deliver business goals on budget and on time. Contractors give clients the ability to rapidly ramp up and scale down resource as required. It is a cost-efficient way to run projects without compromising on quality and has a minimal overall impact to the hiring manager community and current resources.
Focus for the Future
Tightly regulated industries will have the highest demand for change professionals for the remaining months of 2018. Looking ahead, a post-Brexit EU and Ireland’s relationship with the UK will undoubtedly change the way we conduct international trade. Azon see both opportunity and challenges in this regard and expect our clients to mobilise “Brexit Programmes” as soon as trade agreements become clear.
Blockchain and RPA may prove to have the same impact on the future of financial services as the Internet and the Personal Computer had on many sectors such as Media & Entertainment. We expect to see more project work related to these emerging technologies in the future.
Cybersecurity and data privacy will continue to be hot topics in in the coming months. With GDPR fast approaching regulators and governing bodies will closely monitor data sensitive businesses. Expect to see rectifications, system upgrades and enhanced cybersecurity projects in this regard.
2017 was the year of the tracker mortgage scandal. Ireland’s mortgage lenders had to quickly come to terms with a PR nightmare and a huge rectification bill. It is unlikely that we have heard the last of miss-selling and the poor treatment of customers within our banking system. Customer remediation and rectification projects will continue throughout 2018.
Mergers and acquisitions are always the sign of a healthy economy. As Ireland continues its impressive economic recovery expect to see more activity in this space. This will give rise to migrations, integrations and simplification programmes across all sectors.
Skill-Sets in Demand
Project Management is by far the most sought after skill-set in Business Transformation.
Having said that, Business Analysts, Data Analysts and PMO support will also be required for the successful delivery of change. Robotic Process Automation and Blockchain Technology are going to see the emergence of a new niche skill-set in the workplace.
Candidates with experience of these disruptive technologies will be in short supply in the future.
Rory Corbett is Azon’s Lead for Business Change and Transformation.
Get in touch with him directly via email@example.com.