RGP Study Finds Financial Services Firms Are Challenged With Managing Data-Intensive Projects
21 Septiembre 2023 - 8:00AM
Business Wire
RGP (Nasdaq: RGP), a global consulting firm, today released a
new report that shows a significant number of financial services
organizations are finding it difficult to manage data-intensive
projects integral to their success and survival.
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Forty percent of financial services executives said that meeting
key project goals has become more difficult since 2020, with 73%
reporting that a shortage of capable talent is making it more
difficult to meet these goals on time. Only 15% of respondents
stated that all of their critical projects since 2020 have achieved
or exceeded goals.
“Financial services leaders have had to manage a wide range of
complex issues in a rapidly changing environment, and data
modernization is at the heart of these challenges,” said Irene
Hendrick, Senior Vice President of Revenue at RGP. “Whether an
organization is sunsetting legacy systems or managing vendor risk
to optimize costs, these types of critical projects and strategic
initiatives often fail due to poor data quality. Leaders must
understand what data is needed, why it’s necessary and whether it
exists in an environment that is compatible with risk, compliance
and analytics.”
To improve their chances of success in critical areas such as
digital customer experience, risk management, AI and cybersecurity,
many financial services leaders are planning to upgrade their
organization’s project skills. Respondents said their firms need to
make the greatest improvements in the areas of assessing and
planning (50%), agility to quickly embrace major changes (40%), and
advanced project management tools (39%).
“More financial services leaders are navigating talent shortages
and their own skill gaps, by matching critical needs with
experienced outside talent,” Hendrick said. “This rapid pace of
change has also created a greater need for surge staffing, which is
a trend that we anticipate will continue to accelerate as well.
This new mix of in-house talent, contractors and external partners
is a bold change for financial services firms that requires
openness, agility, collaboration, and digitization.”
The research findings are based on RGP’s fall 2022 survey of 404
large companies with $1 billion or more in revenue, including 120
financial services executives. Read the full report, “Mastering
Mission-Critical Projects in Financial Services” by visiting
https://rgp.com/now/research/financial-services/mastering-mission-critical-projects.
About RGP
Recently named among Forbes’ World’s Best Management Consulting
Firms for 2023, RGP is a global consulting firm focused on project
execution services that power clients’ operational needs and change
initiatives utilizing on demand, expert and diverse talent. As a
next-generation human capital partner for our clients, we
specialize in co-delivery of enterprise initiatives typically
precipitated by business transformation, strategic transactions, or
regulatory change. Our engagements are designed to leverage human
connection and collaboration to deliver practical solutions and
more impactful results that power our clients’, consultants’, and
partners’ success.
A disruptor within the professional services industry since our
founding in 1996, today the Company embraces our highly
differentiated agile delivery model. We attract top-caliber
professionals with in-demand skill sets who seek a workplace
environment characterized by choice and control, collaboration and
human connection. The trends in today’s marketplace favor
flexibility and agility as businesses confront transformation
pressures, severe skilled labor shortages and speed-to-market
challenges. As talent preferences continue to shift in the
direction of flexibility, employers competing in today’s business
environment must rethink the way work gets done and consider
implementing new, more agile workforce strategies. Our client
engagement and talent delivery model offers speed and agility,
strongly positions us to help our clients transform their
businesses and workplaces, especially in a time where high-quality
talent is scarce and reliance on a flexible workforce to execute
transformational projects is increasingly imperative.
With approximately 3,800 professionals collectively engaged with
over 1,900 clients around the world from 41 physical practice
offices and multiple virtual offices, we are their partner in
delivering on the “now of work.” Headquartered in Irvine,
California, RGP is proud to have served 88% of the Fortune 100.
The Company’s common stock is listed on the Nasdaq Global Select
Market, the exchange’s highest tier by listing standards. To learn
more about RGP, visit: http://www.rgp.com. (RGP-F)
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Pat Burek Financial Profiles 201.655.3406
pburek@finprofiles.com
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