article thumbnail

Hackett Research: Inflation, Geopolitical Unrest, Other Factors Drive Up Operational Costs of Finance for the First Time in Decades

The Hackett Group

Miami, FL — July 13, 2023 — For the first time in decades, most finance organizations experienced a significant increase in operating costs in 2023, driven by inflationary pressures, geopolitical unrest and other uncertainty factors, according to new research from The Hackett Group , Inc. NASDAQ: HCKT).

article thumbnail

Hackett: Procurement Operating Costs Increase For the First Time in a Decade

The Hackett Group

Despite increases in year-on-year operating costs, Digital World Class procurement organizations excel at cost optimization compared to typical organizations, The Hackett Group ® found. They now operate at 21% lower cost than their peers and have 32% fewer staff. Digital World Class Procurement Orgs Drive 2.4X

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Down-to-Earth Reasons for Banks to Go for Cloud and Cloud Automation

Automation Anywhere

Within a few short weeks, the scalability, resilience, flexibility, and accessibility of cloud looked a lot more attractive, as banks sought to manage uncertainty and pivot to a different operating model.” Moving up Why is cloud automation rising to the forefront in banking? Data sets can be combined in one place.

Banking 98
article thumbnail

Streamlining supply chain management: Strategies for the future

IBM Services

Effective SCM initiatives offer several benefits: Lower operational costs : By optimizing inventory levels , improving warehousing efficiency and streamlining order fulfillment processes, companies can save on storage, labor and transportation expenses.

article thumbnail

Real-time artificial intelligence and event processing  

IBM Services

In fact, in a survey of 6,700 C-level executives, the IBV found that more than 85% of advanced adopters were able to reduce their operating costs with AI. Stream analytics can be used to help improve the speed and accuracy of models’ predictions. This helps to simplify data analysis and enable informed decision-making.

article thumbnail

How Digital Transformation Is Ushering In A New Era For Banking & Finance?

31 West

Similarly, banks have had to become prominent in the data and analytics field as customers now expect that organizations will use their information to personalize their experience and proffer distinct solutions. Automation processes are likewise playing crucial roles in core banking operations.

Banking 130
article thumbnail

Hackett: 2023 Brings Increasing Cost for HR But Greater Business Impact

The Hackett Group

Miami, FL — September 28, 2023 — Human resources (HR) operating costs increased significantly in 2023, with key contributors being wage inflation and high turnover rates, according to new Digital World Class ® HR research from The Hackett Group , Inc. NASDAQ: HCKT).