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U.S. Financial Industry Needs Indian IT Outsourcers to Rebuild after Recession

According to Chairman of Mumbai-based IT solutions company Mastek, Sudhakar Ram, says that in order for the U.S. to modernize after its recession phase, the financial industry in the country will need help from IT outsourcers in India.

Ram has masterminded the repositioning of Mastek with special focus sectors such as government and insurance and he is the recipient of the CNBC Asia’s India Business Leader Award in 2007 for his excellence in leadership.

Though the debate over outsourcing continues to trouble the U.S. economy, Ram is of the opinion that the next wave of Indian IT outsourcers are invaluable as strategists to perform high end work. In addition, this will inevitable prevent future financial crises. In the wake of the financial meltdown, IT players have a great opportunity to come together in the near future.

One top priority is that legacy platforms will need to be restructured. Ram believes that the optimal way to do this is via a collaboration of onsite U.S. and Indian offshore facilities. The point is that there is very little chance of executing these tasks without the existence of a global pool. Hence, the call for outsourcing is a certainty in this regard.

Another complication is that modernizing company platforms is risky business and often results in failure. Subsequently, many companies put this off as long as possible. Nonetheless, the recovery is bound to bring some urgency to this discussion. In order for a large institution to stay afloat, their IT department have to be up and running smoothly so that it can support innovation and adapt to transformation in the business. This requires strong enterprise architecture, services, and component perception of the applications involved.

Reviving the broken down financial industry will need teams of experts, business analysts, solution architects, and visionaries. With respect to this transformation, offshoring to locations like India can ramp up cost efficiency.

“In these times of economic uncertainty, there is much debate around the practice of outsourcing. However, the overwhelming need for IT overhaul in the U.S. cannot be easily accomplished with the current U.S. IT talent supply and overarching budget constraints. The best way to take advantage of the many opportunities for the IT industry is to embrace global collaboration. We need to work together,” says Ram in an online report by Business Week.

Jacob Cherian writes for SourcingLine, a leading provider of directories on top seo companies and mobile application developers

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