Industry, Expands Vertical Market Strategy
Industry Leader Says Legislative Mandates and Productivity Goals Are Expected To Drive Technology Spending in the Financial Services Market
SANTA ANA, Calif., Sept. 23 /PRNewswire-FirstCall/ -- Ingram Micro Inc. (NYSE: IM) today announced it will team with its solution provider customers and IT manufacturers to identify and deliver technology solutions to the financial services market with ease and efficiency. As with the healthcare industry and HIPAA, Ingram Micro views the financial industry's legislative requirements, Gramm-Leach-Bliley and Sarbanes Oxley Acts, as sales and service opportunity drivers for the technology industry.
IDC research contends that the role of technology, and specifically analytic applications, will be key in automating reporting and review processes, as well as implementing a more stringent execution of internal controls. Sarbanes-Oxley requirements are anticipated to increase finance budgets significantly. This is a major driver of financial and business performance management analytic applications, a market that IDC expects to grow at a 10.3 percent (compound annual growth rate) from 2002 to 2007.
"Legislative acts, as well as the every day consumer, are igniting IT demand among vertical industries such as healthcare, finance and manufacturing. As such, more and more companies are looking to technology to help consolidate documentation, simplify day-to-day operations, and most importantly, make it easier for customers and business partners to work with them. This translates to increased sales and service opportunities for the IT channel," says Kevin Murai, president, Ingram Micro North America.
Both acts call for increased privacy, information security, document retention and real time reporting for end users and institutions. The Gramm-Leach-Bliley Data Protection Rule mandates privacy and data protection of financial institutions' customer information. Among other things, the Sarbanes-Oxley Act regulates accounting professionals who audit statements of public companies and ensures that financial institutions maintain a five-year history of electronic documents, including e-mail.
"Legislation is putting increased pressure on operations and IT managers at financial institutions, such as banking, accounting, investment and insurance firms, to either upgrade, purchase or re-engineer their technology infrastructure to further boost productivity and drive compliance within their institution," said Brian J. Avery, president and chief executive officer of i-Tech. "Ingram Micro's focus on finance will further develop our go-to-market sales strategy and help us provide our customers with a greater understanding of their return on investment."
The two most important factors for selling IT into the finance vertical are clearly understanding the market's business needs and regulations and having the knowledge to identify the right solution sets. To this end, Ingram Micro is working with Paul Reymann, one of the nation's leading regulatory experts for financial institutions and co-author of Section 501 of the Gramm-Leach-Bliley Act, to bring in-depth market and subject matter expertise to technology partners and solution providers. This alliance helps Ingram Micro build the bridge between the right technology solutions and the regulatory requirements.
Ingram Micro also is teaming with technology vendors such as Cisco, IBM and Citrix, to identify and bring to market best of breed solution sets targeted to solve the business needs of financial institutions and generate higher productivity. As part of this effort, Ingram Micro will align with qualified independent software vendors, or ISVs, in an effort to help its manufacturers and solution providers secure niche market applications.
The company will develop a comprehensive assessment tool that solution providers can use in determining regulatory compliance, as well as provide training and education programs. "An assessment tool can create a road map between the customer's needs and available solutions that helps influence the success of the sale and ensures customers understand how the technology will enable compliance," said Reymann.
As with its HIPAA offering, Ingram Micro will provide its solution providers and IT manufacturers with specialized, cross-trained technical support designed exclusively for the needs of the finance market. The first training event will take place Oct. 4, 2003, at the company's VentureTech Invitational in Hollywood, Calif. Additional training sessions will be offered throughout 2004 as part of the company's overall market focus effort.
For more information on Ingram Micro's financial services program, visit www.ingrammicro.com or contact Jason Gould at jason.gould@ingrammicro.com or (714) 382-5707.
About Ingram Micro Inc.
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SOURCE Ingram Micro Inc.