In the current market landscape, it becomes imperative for companies to transform their business models to accommodate the fluctuating consumer demands.
[spacer height=”20px”]The recent years have witnessed a considerable growth in the IT spending owing to the growing demand for IT solutions among the healthcare, retail, and transportation sectors. Leading IT solutions providers are relying heavily on R&D to meet the relentless demands of the customers. The IT industry comprises of services involving the application of business and technical expertise to create, manage, and optimize information. Also, with a considerable rise in the tech-savvy customers, organizations in the IT industry should consider unconventional and innovative ways to drive opportunities in the market. The industry also focuses on delivering support services in terms of hardware and software maintenance such as IT consulting, development, and integration services. Although the IT industry is witnessing promising growth owing to the outsourcing of businesses across the Asian region, several factors may influence the growth of the segment.
Here are some of the factors that may contribute to the growth of the IT industry.
High labor costs: IT is considered to be one of the largest industries with a considerable number of workforce spread globally. With the growth in innovations, companies in the IT industry are planning to stay relevant and updated with these technologies. Also, with the increasing demand for systems, software, and services, hiring the workforce with the appropriate technical expertise will require the need for high capital investments.
Cyber threats: In the IT sector, cybersecurity becomes a major concern for the organizations. A recent study also estimates that nearly 97% of the companies have been breached to some extent and the number of attackers is growing at a significant pace. With the growing concern to reduce the instances of cyber threats, organizations in the IT industry are facing pressures to offer reliable solutions that can enhance their cybersecurity measures.
Maintaining innovations: With the growing number of competitors in the IT industry, companies are facing tough competition and are advancing beyond their own boundaries. In most of the cases, organizations are facing pressures to bring in innovations through cutting-edge solutions.
To address such challenges and efficiently meet the target requirements, organizations are utilizing the need for a risk assessment solution. A reliable risk assessment solution helps IT solutions providers identify the potential risks associated with entering markets that scale opportunities. Risk assessment solutions also provide greater insights into the compliance risks in terms of the location of the business activities, the customers, and the bottlenecks while entering niche target segments.
The Business Challenge
- The client: A leading IT solutions provider
- Area of engagement: Industry risk assessment
[spacer height=”20px”]The client, a renowned IT solutions provider, wanted to understand the relative risk in the IT industry and across different geographical areas. The client wanted to implement the insights gained from industry risk assessment as a part of their marketing strategy to identify the potential market opportunities. Moreover, the client wanted to help determine the potential sectors for expansion. The primary concern of the client was to create an easy-to-use dashboard that allows users to accurately understand the potential risks in the IT industry. The industry risk assessment solution also focused on adequately allocating their marketing resources to meet the business requirements.
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To identify the potential risks in the IT solutions space, Infiniti’s risk assessment experts carried out an extensive research. The research methodology comprised of interviews and discussions with prominent stakeholders in the IT solutions space. Furthermore, to streamline their marketing efforts, the risk assessment experts also compiled information from a wide array of secondary sources such as paid industry databases, trade shows, and company presentations.
The Solution Benefits and the Business Impact
The industry risk assessment solution offered by Infiniti assisted the IT solutions provider in analyzing the risk differences with that of the competitors. The solution also offered relevant insights into the potential bottlenecks while expanding their services across different regions. The solution also helped the client to profile the market based on customer preferences and realign their product offerings to meet the rising customer demands. The risk assessment solution also sought ways for the client to adequately refine their marketing strategies and resources to meet the business requirements.
The future of IT solutions space will be marked by the growing influence of automation to improve the existing business process and create new business opportunities. Also, with the recent digital transformation, storage and featuring of information will be triggered by cloud computing. Moreover, the IT industry will also witness the rise in demand for real-time analytics and reconsideration of security models.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the IT industry