The recognition follows Frost & Sullivan's latest enterprise outsourcing in the BFSI vertical report published in May 2007. The report revealed that revenues in this market totaled AU$1.83 billion in 2006 and is forecasted to be worth AU$2.63 billion by end-2010, growing at a CAGR of 9.5 per cent (2006-2010).
Mr. Simon Hayes, senior industry analyst for enterprise outsourcing, Frost & Sullivan Australia said, "IBM continues to effectively leverage one of its key assets, its trusted brand name, while at the same time delivering real business benefits to its clients through its service delivery.
"Our survey has found that clients in the BFSI vertical acknowledge and value IBM's specialist knowledge of their industry, and rate highly its track record – both within Australia and globally – of delivery within the sector."
Mr. Rob Lee, general manger, financial service for IBM Global Technology Service ANZ said, "IBM is dedicated to providing quality service to our clients and we are delighted this has been acknowledged by our clients."
An online survey was conducted with 25 senior management-level executives, in the banking financial services and insurance vertical in Australia with control or insight into their business' outsourcing budget and strategy. BFSI industry clients were asked to rate a range of service and product factors according to their importance for selecting an enterprise outsourcing provider. They were then asked to rate their current service providers' performances on the same factors. All ratings for each specific service provider were averaged to give a mean rating for each factor
IBM demonstrated outstanding performance almost across-the-board, with its BFSI industry clients rating it above expectations in most service factors, with IBM rating highly both in areas like the ability to deploy new technologies and adapt and improve business processes, as well as in the ability to deliver services cost-effectively.
IBM's award is part of Frost & Sullivan Australia's annual Best Practices Awards. The awards seek to recognise outstanding performance and industry achievements by leaders in the Australian Information and Communications Technology (ICT) industry. All award recipients will be honoured at a gala awards banquet in Sydney next month, on the 16th of November.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.