Information Services Group, Inc. - III STOCK NEWS

Information Services Group (NASDAQ: III) reports a slight decrease in global IT and business services spending for Q3 2022, marking the first year-over-year decline since Q4 2016. The total annual contract value (ACV) reached $23.2 billion, down 3% from the previous year. However, contract activity remains robust, with 661 managed services contracts signed, a 3% increase year-over-year. Despite these challenges, ISG maintains a growth forecast of 3.5% for managed services while reducing the XaaS forecast from 18% to 10.5% due to economic uncertainties.

U.S. enterprises are increasingly migrating from on-premises ERP to Workday's cloud-based platform, driven by the need for flexibility and user experience, per the ISG Provider Lens™ report. Remote work trends, accelerated by the pandemic, have intensified reliance on software for human capital management (HCM) functions. Workday offers a holistic solution that simplifies data management and is rapidly gaining traction across various sectors in the U.S., especially retail and financial services. The report assesses 21 providers, highlighting leaders like Accenture and Deloitte, and notes rising stars in the field.

ISG presented key insights at the Meeting the Challenge of Modern Security Threats in the Cloud virtual event, emphasizing that 45% of cyber breaches in 2021 targeted cloud platforms. Expert Doug Saylors highlighted that many enterprises mistakenly believe that cloud adoption includes automatic risk management. He stressed the necessity for organizations to conduct cybersecurity assessments to identify vulnerabilities, especially since human error remains a major factor in breaches. The firm advocates for tailored cybersecurity strategies to enhance resilience and limit potential attacks.

ISG Provider Lens™ report reveals significant advancements in the U.K. power sector's digital transformation. Utilities are leading in smart grid technology, driven by decarbonization and decentralization. The report highlights investments in SaaS, cloud computing, and AI to enhance operational efficiency and customer service. While the sector aims for substantial green energy capacity growth, challenges remain, including rising energy costs, cybersecurity, and infrastructure upgrades necessary for integrating new energy sources. The report evaluates 33 providers and names Accenture, IBM, and Infosys as Leaders across five quadrants.

North American Utilities: A recent ISG report highlights the adoption of digital technologies by utilities in the U.S. and Canada as they transition to renewable energy sources. The report reveals that North American utilities face both challenges and opportunities amidst evolving customer expectations and legislative pressures for decarbonization. It emphasizes the need for improved data governance and digital foundations to enhance service reliability. Notably, leaders such as Accenture and IBM are recognized for their capabilities across various service quadrants.

The SAP services market in France is expanding as companies migrate to SAP S/4HANA and cloud solutions for enhanced agility, according to the ISG Provider Lens™ report. Large enterprises are increasingly adopting managed services, while midmarket firms remain cautious, primarily using traditional ERP systems. The report highlights that cloud services have gained traction post-COVID-19, with a growing preference for private and hybrid clouds. Accenture, Atos, and Capgemini are recognized as Leaders across all quadrants in the report, which evaluates the capabilities of 29 providers in the French SAP ecosystem.

ISG TechXchange: Healthcare and Life Sciences, hosted by Information Services Group (III), will take place on October 12-13 in Philadelphia. The event focuses on digital innovations and ecosystem collaboration in healthcare post-COVID-19. Featured speakers include executives from Novant Health, Whoop, Baptist Health South Florida, Health Union, and Alexion Pharmaceuticals. Key topics include patient-centric drug development, supply chain resiliency, and the role of digital health in transforming care delivery. The event aims to address industry challenges and promote personalized healthcare solutions.

L&T Technology Services Limited has launched the inaugural Digital Engineering Awards in partnership with Information Services Group and CNBC TV18. The initiative aims to recognize leaders who exhibit innovative approaches in digital engineering that enhance performance and sustainability. Nominations are open until October 15, 2022, and winners will be celebrated at a gala in December in the U.S. The awards feature nine categories, acknowledging both team and individual contributions to digital transformation.