Gartner defines the market for data and analytics (D&A) services as consulting and system integration (C&SI) and managed services. These services manage data for all uses (operational and analytical), and analyze data to drive business processes and improve business outcomes through more effective decision making. The core capabilities for vendor solutions in the D&A services market include: D&A strategy and operating model design Data management Analytics and business intelligence (ABI) Data science and machine learning D&A governance Program management Enterprise metadata
Finance Transformation Implementation Consulting market is composed of firms that help finance leaders execute on predefined finance transformation strategies to improve their day-to-day operations and management practices. Service providers operating in this market demonstrate a range of project delivery capabilities – these include project management capabilities, process improvement capabilities, and technology implementation and adoption capabilities. The finance leaders most likely to engage this market are Group CFOs and Heads of Finance Transformation. This market differs from the Finance Transformation Strategy Consulting which focuses on helping CFOs and their finance organizations define strategies and execution roadmaps across multiple business-aligned, forward-looking initiatives.
Gartner defines finance and accounting (F&A) business process outsourcing (BPO) as the use of third-party outsourcing service providers to execute transactional finance processes, including purchase-to-pay (P2P), order-to-cash (O2C), and record-to-report (R2R). BPO service providers remotely connect to clients’ systems to carry out these operations. They can also offer proprietary or partnered process automation solutions to enhance transactional processing efficiency. F&A BPO services are typically delivered from global delivery centers. F&A BPO providers deliver transaction processing services for P2P, O2C and R2R, leveraging advanced automation technologies. In addition to running these services, providers also offer innovative solutions and transformation expertise to enhance process efficiency and support the ongoing maturation of finance operations.
life insurance policy administration system (PAS) is a software that enables insurers to manage a range of group or individual life, annuity and pension products. A PAS supports the entire life insurance value chain, from product and business configuration through new business processing, policy issuance, ongoing policy administration and claims. A life insurance PAS consists of a set of core and noncore components. Depending on the vendor, PAS core and noncore modules can be purchased or implemented separately or as a suite of tightly coupled modules. Depending on the PAS’s architecture, integration methods and flexibility will vary — for example, monolithic applications versus API-enabled service-oriented architecture (SOA). In addition, a PAS integrates with other information systems, such as general ledgers, CRM, payment gateways, data lakes and third-party data sources. Insurance CIOs must determine if a vendor’s solution architecture is compatible with the insurance company’s technology strategy.