With rising maturity of the global Finance and Accounting Outsourcing (FAO) market, value rather than cost has become the new mantra in the market. Buyer expectations from FAO are now lesser driven by traditional factors such cost arbitrage and process improvement. In such a state, it becomes imperative for service providers to leverage FAO solutions that create a differentiated value for the client.
Against this background, there is a greater thrust on FAO focused technology solutions to drive business outcomes beyond improving efficiency and effectiveness. In fact, Everest Group’s research indicates that over half of the best-in-class BPOs consider technology an important component of their service model. However, the technology strategy of service providers varies depending upon a client’s technology maturity level. There are two broad approaches for technology in FAO with a bouquet of solutions to help clients fill gaps in their current systems.
Service providers will need to be cognizant of the requirements of buyers while developing their technology investment approach and strike the right balance between the different approaches to ensure future success.
Enterprises are challenged by intensifying competition, uncertain macroeconomic environment, digital-savvy nimble firms, and ever-increasing demands of digital-native consumers. They are leveraging digital technologies to tackle these challenges and…
