FAO Holds Positive Promise for the Financial Services Industry
23 Oct 2008
FAO Holds Positive Promise for the Financial Services Industry - Why FAO Will Continue to Thrive Amidst Economic Uncertainty
Summary
September and October of 2008 have seen global financial markets
decline in the wake of an unprecedented economic crisis directly affecting the financial
sector and indirectly affecting organizations across industries. The crisis is
a concern for everyone and has led to mergers & acquisitions (M&As), takeovers
and even well-publicized bankruptcies. Most
industries have increased the sense of urgency to reduce cost and add value while
governments, regulatory bodies, and industries are looking at ways to stem the
decline.
As we reflect on this market
situation, we are reminded of a similar crisis in 2001 (particularly affecting the
IT sector), which powered the first wave of adoption in Finance &
Accounting Outsourcing (FAO) starting in 2002. There are mixed forecasts on the
impact of the current crisis on outsourcing and specifically for FAO. Everest Research
Institute believes that the FAO market will continue to thrive despite the
market environment.
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Note: this report is from 2012. See our most recent R2R research report.
The Finance & Accounting (F&A) function comprises three end-to-end processes – Procure-to-Pay (P2P), Order-to-Cash (O2C), and Record-to-Report (R2R). This report focuses on…