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RGP Study Finds Financial Services Firms Are Challenged With Managing Data-Intensive Projects
IRVINE, Calif.--(BUSINESS WIRE)-- RGP (Nasdaq: RGP), a global consulting firm, today released a new report that shows a significant number of financial
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[{"type":"text","content":" IRVINE, Calif.--(BUSINESS WIRE)--\nRGP (Nasdaq: RGP), a global consulting firm, today released a new report that shows a significant number of financial services organizations are finding it difficult to manage data-intensive projects integral to their success and survival.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230921137384/en/\nForty percent of financial services executives said that meeting key project goals has become more difficult since 2020, with 73% reporting that a shortage of capable talent is making it more difficult to meet these goals on time. Only 15% of respondents stated that all of their critical projects since 2020 have achieved or exceeded goals.\n\n\n“Financial services leaders have had to manage a wide range of complex issues in a rapidly changing environment, and data modernization is at the heart of these challenges,” said Irene Hendrick, Senior Vice President of Revenue at RGP. “Whether an organization is sunsetting legacy systems or managing vendor risk to optimize costs, these types of critical projects and strategic initiatives often fail due to poor data quality. Leaders must understand what data is needed, why it’s necessary and whether it exists in an environment that is compatible with risk, compliance and analytics.”\n\n\nTo improve their chances of success in critical areas such as digital customer experience, risk management, AI and cybersecurity, many financial services leaders are planning to upgrade their organization’s project skills. Respondents said their firms need to make the greatest improvements in the areas of assessing and planning (50%), agility to quickly embrace major changes (40%), and advanced project management tools (39%).\n\n\n“More financial services leaders are navigating talent shortages and their own skill gaps, by matching critical needs with experienced outside talent,” Hendrick said. “This rapid pace of change has also created a greater need for surge staffing, which is a trend that we anticipate will continue to accelerate as well. This new mix of in-house talent, contractors and external partners is a bold change for financial services firms that requires openness, agility, collaboration, and digitization.”\n\n\nThe research findings are based on RGP’s fall 2022 survey of 404 large companies wi...