Research by consultancy Investit has revealed that 60% of investment management firms are concerned about their ability to support the rapid growth in data requirements resulting from the ever-increasing pressure to grow the business, keep shareholders happy and provide transparency to clients.
At the same time, information managers are challenged with controlling data in disparate physical locations as investment businesses globalise. The growth in virtual and satellite offices for example, requires firms to increase their mobile and remote access capability. Securely disseminating information across multiple locations in different time zones and on various technology platforms further complicates the already complex business of giving staff the information they need for their daily activities.
Firms are therefore turning to more flexible staffing models to obtain the resources needed to support the increasingly complex information strategy while controlling costs.
To meet the evolving demands, Investit found that 64% of firms are adding more staff to support their information programme(s) over 2013, while 27% of firms are keeping their staffing neutral. Additionally, firms are taking advantage of outsourced services and contracting staff with specialisation in information management and distribution technologies. By broadening the staff pool outside of the firm, managers can access highly specialised staff and benefit from economies of scale. Firms then aim to be able to produce higher-quality results and focus on their core business.
Dave Reynolds, Principal at Investit said, “As an industry, we realise that the complexity of information management will persist as a significant and costly challenge. To remain competitive, firms will need a robust information strategy and a strong dedicated, though perhaps not captive, team to execute it. Firms we’ve worked with who have an established information management function, have improved compliance and greater efficiency in their processes, and are reaping rewards in cost savings, effective delivery of information and creating greater insight into opportunities to increase revenue.”