Mark Carrel - stock.adobe.com
The financial sector is not prepared for technology disruption and the public sector is looking to data management regulations to help drive digital transformation projects.Content Continues Below
Those conclusions have come from research from Vuealta and Kyocera Document Solutions, with both looking at how two of the largest vertical markets are faring in times of change.
Those running IT in the financial services sector revealed to Vuealta that there were facing a number of challenges over the next five years. Top of the list was cyber security but that was closely followed by political changes, regulation, data management and privacy.
Despite billions being spent in the sector on IT there is still a feeling that many (52%) of those in leadership teams did not understand the full potential of technology disruption.
“Now, more than a decade on from the events of 2008, the finance industry is far from settled. It’s chaos at the speed of the digital era. In fact, the next five years are set to be just as dynamic as the previous ten – filled with challenges and disruption but equally, presenting opportunities for those that navigate the period well," said Ian Stone, CEO of Vuealta.
"To do so, it is crucial that businesses remain calm, proactive and pragmatic. Control what you can control and make sure you can react quickly to the things you can’t," he added.
There is a clear opportunity for the channel working in that vertical to help customers grab the bull by the horns and get to grips with some of the concerns in the sector.
“The temptation for many businesses can be to take a wait-and-see approach. Organisations need to understand the environment that surrounds them, have a clear view of what is approaching on the horizon and then connect that to their own business information - enabling them to plot a route to success," added Stone.
Meanwhile, in the public sector Kyocera found that many of those working in senior positions impacting the storage and management of information are hoping that data regulations will provide a framework to guide their efforts.
Even with staff shortages and restricted budgets efforts are being made to store more information digitally and move away from paper-based filing systems. Kyocera found that 96% viewed being compliant with GDPR as a high priority for the organisation.
“It was positive to find such a high percentage on board with the new data regulations and using it as an opportunity to review their current data management and processes,” said Joe Doyle, group marketing director at Kyocera Document Solutions UK.
“In the past, organisations have been prepared to invest significant time and money in bringing in central data systems, be it for finance, HR, or CRM. While these are undoubtedly important, the public sector is finally waking up to the significant and ever-increasing volume of unstructured data it needs to tackle, such as Microsoft Office, emails and invoices to name a few," he said.