It’s simple-minded, short-sighted, and not particularly strategic. And clients suffer too. But when decisions are driven purely by numbers, it makes a certain kind of sense. Outsourcing to local consultancies, though? They just offshore too, and take a cut. That boggles my mind.
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The issue with IT is the cronyism that existed with prior and existing leadership that kept the lazy Yes Ma’am people around who only cared about their pet projects, not the Enterprise.
@a1 Yet our IT spend rate is higher than our peer group. The bigger problem is that we don't get all of the IT we pay for.
TROW has always under-invested in technology. We treated it as an expense, not as an essential activity. It was a service to investments. It's always been the first group to be cut, and we relied too heavily on temporary contractors. Outsourcing won't help. This will just reinforce our reliance on mail-in deposits by 80 year olds. Myopic, IMO.