News


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Financial jobs go as GFC ripples reach Australia

Date : 15-06-2013

Bankers, stockbrokers and other financial services professionals are losing their jobs left, right and centre. For those lucky enough to hang on and remain employed, the pay is lower, bonuses harder to come by, perks are gone and the work is less rewarding. In Australia, it’s not the sudden bursting of the employment bubble that happened in the United States, Britain and Europe when the global financial crisis struck in 2008 and millions lost their jobs almost instantly. Rather, it’s the gradual and ongoing cost-cutting that is hitting the corner of almost every financial services office in Australia.

Mohit Sharma, a Director of outsourcing advisory firm Mindfields, said offshoring has evolved to “right-shoring” for financial institutions. “In the pre-GFC era right-shoring was driven to rationalise the cost base, compared to post-GFC era drivers which are focused on generating more revenues.Now in the post-GFC era, processes which are offshored are customer analytics, social media monitoring, analytics, fraud analytics and modelling,” he said.

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Tech outsourcing push tipped under Coalition

Date : 21-05-2013

Indian technology giants are bulking up on government sector expertise ahead of an expected Coalition victory in the September federal election, with the belief that a Coalition government will adopt an aggressive approach to sending public sector work offshore as part of a search for savings.

Mohit Sharma, Director of Sydney-based outsourcing specialist Mindfields, said his research showed the Australian government was spending comparatively more on technology than the US and British governments because of a less mature approach to outsourcing.He said Australian politicians have been uneasy about allowing departments to source work from outside a comfort zone of local or US-based suppliers. Based on Mindfields’ modelling he expected the percentage of spending on outsourcing to increase to 35 per cent by 2013-14, due to the inclusion of largely Indian-based offshore vendors.

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Infosys eyes next round at Rio

Date : 12-08-2012

Debt-laden mining giant Rio Tinto has confirmed it is well advanced with plans to outsource internal business processes, with Indian technology company, Infosys, which is understood to be in the box seat to pick up some of the work.

The Director of offshoring consultancy Mindfields, Mohit Sharma, said it was a logical evolution of Rio’s earlier deal with Infosys to award the new contracts to the same company as it had already tested its capabilities. He suggested, however, that Rio was missing an opportunity to make money from the internal processes that it had developed.

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Rich Indians ready to buy

Date : 24-07-2012

Australian technology companies are bracing for an Indian assault as cashed-up outsourcing specialists have instructed the heads of their local operations to target local players in a bid to stimulate slowing growth by opening up access to new customers.

Mohit Sharma, Director of independent consultancy Mindfields, which has advised Australian and Indian IT companies on strategy and mergers and acquisitions, said the Australian offices of Indian firms were under “big pressure” to target acquisitions that would add to margins. “For the last three quarters, Indian IT companies have been struggling with performance, with lower margin and revenue growth in organic mode. They need to look at bigger acquisitions to acquire revenues, clients and skill sets for the future”, he said.

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