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Survey Results
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1. Digital Tech Integration is Key
An impressive 84.2% of respondents underscore the importance of integrating new digital technologies into their current tech stack, emphasising the critical role of digital innovation in the current financial landscape. Organisations that haven't explored this option should consider the potential benefits it can offer, such as improved efficiency, a better customer experience, and increased competitiveness in a rapidly evolving market. Stay ahead of the curve by allocating resources to explore, acquire, and integrate emerging technologies into your existing tech stack.
2. Tech Investments Surpass Predictions
Half of the respondents indicate their technology investments have surpassed Gartner's forecast of 11.5%, demonstrating a strong commitment to technological advancements in the sector. Organisations can capitalise on this alignment by ensuring their own technology investments align with or even exceed these industry standards, thereby driving a more aggressive innovation agenda.
3. QA and Testing Imperative to Digital Strategy
A balanced approach to QA and testing emerges from the data, with a significant 50% of respondents sharing responsibilities between in-house and outsourced solutions. The majority affirm the indispensability of QA and testing for their digital strategy, whether it is inhouse or outsourced. Encourage your organisation to develop efficient QA and testing systems to prevent costly mistakes. Depending on your organisation's size, skills, and complexity, choose a mix of in-house and outsourced approaches, which can provide the advantages of both in-house expertise and the flexibility of outsourced capabilities.
4. A Call for Strengthening Testing & Change Functions
Interestingly, only 27% of respondents rated the readiness of their organisation's testing and change function for their digital plans highly. Considering the central role of testing in digital transformations, organisations may benefit from investing in upskilling teams and strengthening their testing and change functions to ensure they are fully prepared to support digital and platform plans. Remember, the complexity of your digital plans warrants a robust testing and change function.
5. The Threat of Delays for Product Time-to-Market
Delays dominate concerns for the upcoming year, with 58% identifying them as the most significant challenge they'll face in 2023 when bringing products to market without efficient QA processes. To mitigate this risk, consider exploring more efficient QA processes that can ensure smooth, timely product launches while also maintaining high quality standards.
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Assured Thought is a quality assurance and software testing company for financial services firms in the UK, Europe and beyond.
With the right QA testing strategy, access to the right tools and resources, and the support of high performance specialists, you can accelerate the growth of your business and reap the rewards in a complex world.
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