The financial services sector has become dependent on spending vast amounts of money with large consultancies and systems integrators that fail to deliver any major changes or reap any benefits.
His blunt message to chairmen and chief executives is that they need to break the habit fed by the IT industry, big consultancies and IT departments.
He warns: Corporate IT and outdated procurement practices perpetuate this archaic approach to systems and contracts. It often comes in the guise of a seemingly shiny, but actually ill-fated target operating model. Requirements are set at a fixed moment in time and are often spurious, bearing little resemblance to user, customer and market needs.
To make things worse, they spend up to 18 months procuring a supplier to deliver this mess and lock them in for five to ten years.
This is sheer lunacy because by the time it is implemented, it will be two to three years out of step with the business, users and clients. It is obsolete on delivery.
Read more in the Raconteur article: Stamp out archaic practices.
The event saw the launch of the 2019 Diversity in Tech benchmarking report, which included data from over 300 companies representing more than 700,000 employees,
Our Rainmaker Ambassador and Buffalo Foundation Trustee James Golding was in London last week to launch his 2020 Race Across America journey.
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