IT & Telecom
IT Risk Assessment Overview
The IT industry is one of the fastest-growing industries in the world today, mostly due to the rapid evolution of technological and industrial innovations. However, with high-speed innovations opening up new opportunities for IT enterprises, issues related to privacy risks and regulatory compliances have started coming to the forefront. Consequently, IT companies have started redefining their risk management processes to overcome data security challenges and protect volumes of sensitive data.
The client is an IT firm based out of the Northwestern United States. The company wanted to transform its application management system by eliminating operational silos, freeing up capital for strategic growth investments, and making the customer experience globally consistent. However, the lack of a standardized risk management framework posed major challenges for the company. Furthermore, improper use of data, IoT vulnerability, and system failures led to huge capital losses and inappropriate deployment of resources. The company, therefore, approached Infiniti Research to leverage their expertise in offering IT risk assessment solution. With Infiniti’s IT risk assessment solution, the client wanted to identify risks in advance and devise strategies to mitigate them before they impact their business operations.
Other challenges faced by the client were:
- The client noted that major IT companies in the United States encountered physical threats resulting from physical access or damage to IT resources such as the servers. Therefore, by leveraging Infiniti’s IT risk assessment solution, they wanted to identify all internal and external threats impacting IT companies and take strategies to mitigate them before they impact the company’s bottom line.
- With Infiniti’s risk assessment solution, the client wanted to identify what security gaps posed threats to the company’s critical information and also wanted to make better security decisions and take smarter proactive measures.
Solutions Offered and Value Delivered
The experts at Infiniti Research followed a three-phased approach to IT risk assessment. The initial phase of the risk assessment process involved determining vulnerabilities in information systems and the broader IT environment. The second phase of the engagement involved risk estimation. This phase involved assessing the likelihood of risks by analyzing the probability of their occurrence. The last phase of the IT risk assessment process involved risk prioritization, in which risks were categorized based on the risk estimate combined with the level of impact that it would cause. Our experts also worked closely with the client to monitor their business, data, and technical landscape to evaluate potential threats most likely to interfere with day-to-day operations. They also performed an in-depth analysis of the organization and examined the current maturity of the information security program in the organization.
With the aid of Infiniti’s IT risk assessment solution, the client was able to identify risks affecting their organization and prioritize them according to their severity. Also, Infiniti’s risk assessment solution helped the client to understand all physical and potential threats influencing the IT industry in the United States. Also, with Infiniti’s IT risk assessment solution, the client was able to identify factors impeding business growth and implement an effective IT risk management strategy.
Furthermore, with Infiniti’s IT risk assessment solution, the client was able to:
Identify security vulnerabilities – With Infiniti’s IT risk assessment solution, the client was able to evaluate the organization’s system by considering external as well as internal threats. By doing so, the company was able to identify current security vulnerabilities, inefficiencies, and non-compliance with standards to security policies. This further helped them to transform their application management system by eliminating operational silos.
Determine new security requirements – By understanding the organization’s weaknesses and potential threats, the client was able to determine steps to eradicate threats and strengthen the system’s security.
Justify spending – Infiniti’s IT risk assessment process also helped the client to understand the financial risks of potential security exploitations. This further helped them to calculate the costs of security improvements and realize the long-term financial benefits of investing in security efforts before an attack.
Improve IT risk management process – Infiniti’s IT risk assessment solution helped the client to understand their current security risks and develop new security plans and policies.
The revolutionary change in the applications management system and business processes helped the company to meet its immediate priorities and better response to customer priorities. Furthermore, Infiniti’s IT risk assessment solution delivered 100% SLA compliance across all applications and systems.
How to perform IT risk assessment
Want to know how our risk assessment solutions can help companies in the mining industry? Read the success story here:
New products with innovative technology are hitting the U.S. market faster than ever before. As a result, the tech industry is evolving at an unprecedented rate. Although these advancements may seem exciting for tech companies, it is also incredibly challenging for them to keep up with the cut-throat competition in the market, overcome cybersecurity issues, and adapt to the changing regulatory landscape. Experts at Infiniti understand how difficult it can be for tech industry players to stay ahead of the curve. Based on their analysis of the tech market, here are some of the biggest challenges facing tech companies in 2019.
U.S. Tech industry challenges 2019
Technologies are being developed at an accelerated rate without being able to fully incorporate them into existing products. Two notable examples of developments with tremendous investment and effort involved, but with negligible impact on the market so far are Artificial Intelligence (AI) and voice control. Experts at Infiniti Research expect this gap to grow in 2019, in which case companies in the tech industry will be in the desperate need to reduce it.
Talent drives innovation and execution of new technologies. However, finding the right talent is one of the biggest challenges facing the U.S. tech industry right now. One of the key reasons behind this being, that talent is now globally distributed than before, and it is challenging to retain talent due to the rising competition in global tech industries. Companies in the tech industry that can be efficient with remote teams and build strong cultures have greater chances of success.
Data governance, security, and privacy
2019 is expected to be a critical year for data governance, security, and privacy in the tech industry. Both within and outside the enterprise, these factors will have major implications on AI utilization. Heavily unbalanced regulation greatly limits its applications and can cause a major setback in business innovation of companies in the tech industry.
Issues in cloud network
Companies in the tech industry are increasingly moving their workload and other critical data to cloud infrastructure. However, the network could pose some major setbacks here. Every organization has a set amount of bandwidth or the budget to spend on it. The rising amount of data that is being generated by users, IoT, and AI applications could lead to major network issues to store and manage this data.
Estimating market demand
Companies in the tech industry who base their product development on what they anticipate would be the future market demand could undergo severe risks in their business. This could be primarily due to the fact that the expected market demand does not materialize. To avoid the risk of failure, it is vital for the U.S. tech industry companies to be more measured in decision-making relating to the current market demand and how it is likely to change over time.
Despite several challenges in the tech industry, why is Toronto’s tech industry continuing to soar? Download Infiniti’s latest free resource to find out :
The onset of the customer-driven digital era has brought about massive transformations in the IT industry. Leaders in the global IT market who were once purely focused on technological innovations are now at the helm of business innovations. Due to such factors, the market is witnessing a growing shift towards the adoption of business intelligence across their business operations. Moreover, more and more IT industry firms are now looking at employee intelligence as a powerful tool to enhance business value. This is because no matter what the organization deals with, employee intelligence analyzes the internal business environment to pinpoint the strengths and weaknesses within the business ecosystem.
- The Client: A leading player in the IT industry
To reduce employee turnover and increase focus on employee engagement, a leading player in the IT industry approached Infiniti Research to help them conduct a detailed employee intelligence assessment. The client was looking at leveraging our expertise in employee intelligence to enable higher ROI for every dollar spent on talent management. Additionally, with the help of Infiniti Research’s employee intelligence solutions, the client wanted to improve employee engagement to enhance their overall business outcomes.
How Can Employee Intelligence Help Players in the IT industry?
Having a strong competitive workforce with a strong psychological contract and actionable business intelligence is essential for any organization. For businesses to succeed in an increasingly competitive environment such as the IT industry, they should be able to manage all aspects of an enterprise. This necessitates them to look beyond employee surveys and employee engagement techniques to gain detailed insights on effective employee engagement.
Our ‘Employee Intelligence’ solutions empower companies to forecast the future of their business. It just doesn’t deal with enhancing employee engagement, but also deals with leveraging intelligence to give companies the competitive edge in the market.
Summary of Our Employee Intelligence Engagement
With the help of our employee intelligence solution, the IT industry client was able to analyze factors that drive business value from various perspectives. It also enabled them to distinguish factors that offer a competitive edge from the ones which would jeopardize their business growth. By doing so the IT industry client was in a better position to understand the internal business environment and devise necessary solutions to enhance employee growth.
The employee intelligence experts at Infiniti conducted a detailed research to help the IT client gain a better understanding of their internal operating environment. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the IT industry.
Solution Benefits and the Business Impact
The solution offered by our experts helped the client identify key metrics to improve employee engagement. Conducting an employee intelligence assessment also enabled them to enhance employee satisfaction by optimizing their workforce efficiency. Subsequently, the client reduced their employee turnover by 25%, thereby enhancing business value.
In today’s complicated industry landscape, forecasting the future of your business may seem to be an uphill task. But, with employee intelligence in place, this seems to be easier as it offers a long-term view of the potential factors which are likely to impact your business turnover. Also, every organization today is a part of a cutthroat game, where the competitors are on the lookout for an opportunity to overpower the peers. Infiniti’s employee intelligence solutions help you reinforce the competitive advantage by getting your organization fit to succeed.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of employee intelligence in the IT industry
When it comes to technology, cloud computing is overheard almost always. Cloud computing has become so popular in such a short time that not only big corporates but also small and medium-sized organizations are using it. Organizations of all sizes are using the cloud computing platform to fuel the upcoming digital transformation and modernize the IT portfolio. Instead of hosting on-premise services, organizations look for vendors who provide cloud computing solutions to save costs. So what are the key trends shaping cloud adoption today?
Growth in cloud services
Software as a Service (SaaS) came as a boon for businesses and consumers, which provided them financial and operational flexibility. The growth of services such as IaaS, Paas, and SaaS has expanded the number of cloud solutions available in the public and private sector. Industry experts predict that SaaS is expected to grow at an impressive rate of 18% annually by the year 2020. The likes of Salesforce, Citrix GoToMeeting, and Google Apps is most likely to be the leading players in the cloud market.
Hybrid cloud solutions
Numerous businesses are not particularly fond of their data and systems being there somewhere in the cloud. At least not all the data with a single cloud provider. As a result, multiple cloud providers are opening up APIs on platforms for providing connectivity to multiple solutions. Opening up APIs enables provides synchronization within cross-functional processes, data management, and systems and various tools. The hybrid solutions also include cloud to on-premise connectivity, where enterprises keep their on-premise solution but also connect to the cloud with heavy customization that fits their business needs. It is usually done for security reasons or when complete migration to the cloud gets costly and time-consuming.
Increased cloud storage capacity
As more and more businesses jump into the cloud computing bandwagon, data storage should also grow exponentially in a similar manner. Service providers are trying to increase their capacity with more data centers and larger-capacity storage equipment. It is estimated that the total storage capacity in the cloud computing space is expected to grow over a zetabyte of data by the end of 2018. Such an exponential increase in storage would also push the growth of big data analytics. Storing such huge amounts of data and deriving insights out of them could garner accurate customer behavior, strategic financial investment, and human systems.
Cloud computing and Internet of Things (IoT)
Cloud computing takes center stage when it comes to IoT. Cloud computing platforms are the reason behind IoT becoming a reality, as it allows remote access to devices such as cars, household appliances, and electronics to communicate together. In the future, we can see more and more devices being compatible with IoT, which will subsequently drive the overall cloud usage.
The previous year, we saw a foray of cyber-attacks troubling companies from the famous WannaCry ransomware to the Equifax data breach. In the coming years, the security for cloud computing is expected to be bolstered significantly. However, the level of cyber-attacks will also become sophisticated, which is why businesses are investing in tools such as security information and event management (SIEM) and malware detection systems. Such an enhanced security will urge businesses to trust the cloud services.
To know more about the trends in cloud computing:
A recent survey estimated that the five most valuable companies in the world were all technology companies.
Today, the relative growth in tech-savvy consumers is forcing technology companies to consider unconventional and innovative ways to enhance their growth opportunities. The IT services sector, at large, comprises of applications that help the businesses to create, manage, and optimize information. The growth of the IT services sector is marked by the relentless shift in the consumers’ demands and the rising spending on IT products and services. In this technology-driven space, leading organizations are relying on innovations in their product offerings to improve customer satisfaction and increase the overall profitability. Apart from the conventional factors, the growing need to push companies to outsource their IT requirements is also anticipated to spur the growth prospects of the IT services sector. Although the IT services space is witnessing incremental growth, owing to the presence of a considerable number of service providers, several factors may influence the growth of the IT industry. They include:
Cyber threats: Organizations are inundated with data – with the rising volume of data, players in the IT space have become the victims of various security breaches. So, it becomes a mandate for the companies to streamline their efficiency and improve security in their operations. Moreover, with the growing number of attack vectors such as network, data, and end points, organizations are facing the need to stay relevant and up-to-date with the current technologies.
Rising consumer demands: In recent years, consumers have become technologically driven and are not confined to less updated technologies. Prominent IT services providers should ensure that the requirements of the customers are met through customization and other relevant product offerings.
To cater to the consumers’ demands and improve their brand affinity, organizations are utilizing advanced solutions such as market segmentation. Market segmentation is all about identifying and profiling different groups of customers and tailoring specific products to meet the end-user requirements.
The Business Challenge
- The Client: IT services provider
- Area of Engagement: Market segmentation
The client, a prominent IT services provider, wanted to understand the buying habits and preferences of the customers and implement a segmentation strategy to tailor products and services for the respective segments. The client also wanted to streamline their marketing effort to differentiate their products and services from their competitors. With the help of Infiniti’s market segmentation strategy, the client further wanted to explore and analyze different characteristics and develop products, services, and marketing strategies to address customers’ specific needs.
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The market segmentation experts at Infiniti carried out extensive research and interviews and discussions with prominent stakeholders in the IT services space. To uncover the characteristics of the market, the segmentation experts at Infiniti also compiled information across various proprietary sources such as paid industry databases, trade shows, and company presentations.
The Solution Benefits and the Business Impact
At a more tactical level, the market segmentation solution offered by Infiniti helped the IT services provider to entirely focus on the needs of the most desirable customers. The client was able to understand the relative strengths and weaknesses of key competitors in the market and develop robust marketing strategies. The solution also sought ways for the client to predict the most profitable customer segments and profile customers based on demographics, behavior, and geography. The client was further able to streamline their product positioning strategy based on the potential opportunities and align products with the target segments.
The rise in innovations and the recent technological uprising will influence the future of the IT services sector. Moreover, the digital revolution will help the IT services providers to go on par with new expectations and possibilities.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the IT services space.
In the current market landscape, it becomes imperative for companies to transform their business models to accommodate the fluctuating consumer demands.
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
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.
Want more information about our industry risk assessment solution?
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
The tech industry undoubtedly holds a plethora of opportunities. Players in this industry are continuously keeping themselves updated with the changing demands of customers and are focusing their efforts towards developing new solutions to meet these requirements. With technologies such as IoT and cloud computing altering the face of business, there is no looking back for IT sector companies. But the journey of the tech industry is not entirely a bed of roses. There are several challenges that the players in this sector need to sort out for successfully reaping the benefits of the advancements in the industry. We have identified a few key challenges that the players in the tech industry need to watch out for:
Impact of robotics and artificial intelligence
Recent advancements in IT and technology are all about identifying how human labor can be eliminated from a process and how machines can replace those activities. However, of late, there has been a lot of flak around the impact of these advanced technologies in the job market. Several IT sector companies are gradually resorting to a higher degree of automation in processes owing to the benefits they offer such as lower risk of error and increased efficiency. This means that many employees in the tech industry who were previously performing these tasks manually are likely to lose their jobs.
In this fluctuating economic environment, the challenge lies in staying updated with the changing technology. Also, with the growth in innovations, organizations in the network services space are seeking ways to offer reliable and affordable value-added services to meet the altering preferences of the consumers. To offer agile, safe, and connected connectivity to the customers, leading businesses in the network services space are facing the need for a competitive benchmarking solution. Competitive benchmarking solutions allow leading network service providers to effectively compare the products, services, and processes prevalent in the market. Through an effective competitive benchmarking engagement, network services providers can evaluate their current market position and devise strategies to improve the business performance.
To effectively compare and define a long-term strategies, renowned network services providers are approaching companies like Infiniti. With years of expertise in offering a plethora of services, Infiniti’s competitive benchmarking solution provides better insights into the company’s strengths and weaknesses. The solution offered by Infiniti also helps businesses to identify and assess the key performance indicators specific to the customer service.
The Business Challenge
A renowned network services provider with a considerable number of services spread across the globe was facing predicaments profiling the competitors and promoting their service offerings in the Latin American market. The client wanted to compare their service offerings with that of the competitors and devise effective strategies to improve their business performance. Also, with the help of a competitive benchmarking solution, the client wanted to increase cost efficiency, improve product quality, and ultimately enhance the customer experience.
To identify and profile the key competitors in the network services market space, Infiniti’s competitive benchmarking experts carried out extensive qualitative and quantitative research by conducting interviews and discussions with leading stakeholders in the market. Furthermore, the experts also relied on various proprietary resources such as trade journals, consultants, annual reports and other company publications to tap potential opportunities in the network services space.
Competitive Benchmarking Solution Benefits:
- Gained a competitive edge in the overall market and identified the key performance indicators
- Understood the market potential and accordingly characterized the resources
- Profiled the customers’ needs and devised effective strategies to reach out to these needs
- Identified the latest technologies prevalent in the space and leveraged them to stay relevant in the marketplace
- Anticipated opportunities and identified the bottlenecks that are hindering market growth
Benefits of Our Integrated Approach
The competitive benchmarking solution offered by Infiniti assisted the client to profile the direct competitors in the network services space. With the help of this engagement, the client was further able to maintain profit margins and make better returns on their investment. The competitive benchmarking engagement also assisted the client to learn more about the competitors and develop an effective one-size-fits-all approach to improve business performance.