BusinessCompany NewsCompanies fear new IT regulations

Companies fear new IT regulations

Updating IT systems to meet new regulatory standards is top of most companies technology concerns, according to a survey of European IT executives.

Link FDs lack IT investment strategy

‘IT Integration Trends Among European Enterprises’ questioned 300 IT chiefs in the UK, France and Germany across the manufacturing, retail, distribution and financial services sector.

Customer relationship management and web services were also identified as key issues in improving business performance.

But meeting regulatory standards was identified as a key concern by 87 per cent of the 100 UK respondents. This includes the ISO 15022 messaging standard that financial institutions trading in securities need to be able to handle by May next year. Those that can not handle the messaging format by then must revert back to paper-based methods.

In the UK 80% of executives cited CRM and web services and linking them up with outdated and complex legacy systems as the next most important issues.

IT spend is set to grow strongly over the next two years, according to 88 per cent of respondents across Europe.

Saki Koliopoulos, European director of strategic planning for integration software company Mercator, which conducted the research, said businesses have shifted focus from ‘new’ IT spend.

‘In the late 1990s everyone was looking for new functionality. Now it is to make better use of the systems they already have,’ he said. ‘But most companies still have the “spaghetti” and they have to overcome all these individual coded connections.’

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