1 August 2013
Outsourcing Trends on Wall Street: Changing Attitudes
Alexei Miller, Executive VP at DataArt, shares his expert opinion on outsourcing trends on Wall Street. In the fast changing world of technology, with the increasing complexity of financial systems and financial IT markets red hot, what should drive the outsourcing decisions?
Miller lists a few core elements.
"On the infrastructure side, security, cost and customer service are the three key criteria to focus on. As far as development and operations go, it comes down to a few key points:
- Efficiency. Not to be confused with cost, which is a separate part of the story.
- Compliance and security.
When considering outsourcing vendors, it is important to analyze the intangibles – to look beyond cost, schedule and compliance. The right partner should be of comparable size – for mid-size buyers, global brands most often do not translate to quality. It is better be a top 10 client at a medium size vendor than an afterthought at a large one. The right partner will also be brutally honest – sometimes at their own expense. They will educate the client about the right way to go, their shortcomings, and will discuss project risks well before they play out. These things are next to impossible to find out from a paper RFP, but are really easy to see once the game gets going. Wall Street understands the language of risk and should not be afraid to experiment."