HfS Blueprint Report - Sourcepoint€¦ · HfS Blueprint Report ratings depend on a broad range of stakeholders with specific weightings based on 1,355 crowd-sourced responses

Architects of Global Business

Charles Sutherland EVP, Research

[email protected]

HfS Blueprint Report

Mortgage Services BPO

Excerpt for ISGN

May 2014

© 2014 HfS Research Ltd. Proprietary │Page 2

Topic Page

Executive Summary 3

Research Methodology 12

Service Provider Capabilities 20

Service Provider Profile 27

About the Author 29

Table of Contents

Executive Summary


The Mortgage Services BPO HfS Blueprint Report is the first application of HfS Blueprint methodology to the mortgage services marketplace. Unlike other quadrants and matrices, the HfS Blueprint identifies relevant differentials between service providers across numerous facets in two main categories: innovation and execution.

HfS Blueprint Report ratings depend on a broad range of stakeholders with specific weightings based on 1,355 crowd-sourced responses. Stakeholders include:

• BPO Enterprise Buyers

• BPO Service Providers

• BPO Industry Influencers (sourcing advisors)

• HfS Analysts

Introduction to the HfS Blueprint Report: Mortgage Services

BPO


From Origination to Servicing and Default. Prior to the collapse of the US residential real estate market in 2008-09, the Mortgage Services BPO market could be characterized as one of a focus on volume and speed. There was so much lending activity that service providers existed to take on the volumes that lenders couldn’t cover out of their own centers. In doing so, they largely (at least for the largest lenders) operated using the lender’s origination systems and the lender’s processes. While servicing was an important part of the market, most of the activity was in origination (and re-financing which is another form or origination) and very little service provider interest was in default or foreclosure.

From Volume Volatility to Process Excellence. In the heady days or mortgage origination (and later post crash refinancing boom created by the dip in 30 year rates), many lenders were focused less on process excellence than speed. The market was looking for service providers who could back-stop the lender’s internal operations and respond to spikes in activity. Today with origination costs on the rise and volumes declining, lenders are looking at waste in their processes and looking to service providers who can help them maximize the efficiency and cost of their processes through operational excellence, transformation and technology support.

From Labor to Technology and Insights. Since 2008 acquisitions (i.e., Zenta, Mortgage Cadence, Gallagher, FiServ, Opus CMC, Corelogic and Wilshire Credit) have either brought new service providers into the market or have expanded capabilities and in particular technology platforms. Where previously mortgage services was about having pools of qualified people on tap, now it’s about the combination of technology, analytics and insight to drive an improved and more cost effective process for major lenders.

A Shift is Underway in the Mortgage Services BPO Market


8.05%

6.97% 6.54%

5.83% 5.94% 5.87% 6.41% 6.34%

6.03%

5.04% 4.69%

4.45%

3.66% 3.98%

4.34%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Lenders Have Seen Declining 30 Year Rates

Average 30 Year Mortgage Rates (%), United States 2000-2014

Source: Freddie Mac. 2014 data is for April 2014, all others are annual average rates


$1,399

$1,140

$731 $664

$530 $505 $587

$652 $646

$808

$1,326

$1,166

$777

$1,331

$1,168

$931

$1,456

$1,103

$419

$411

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 e 2015e

Purchase Refinance

The Refinancing Era is Forecasted to End in 2014

Mortgage Origination Estimates ($ Billions), One- to four-family homes

Source: Mortgage Bankers Association, The “net cost to originate” includes all production operating expenses and commissions minus all fee income


$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

1Q 2011

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

3Q 2012

4Q 2012

1Q 2013

2Q 2013

3Q 2013

4Q 2013

While the Costs of Mortgage Origination Climb

Net Cost to Originate A New Mortgage ($)

Source: Mortgage Bankers Association, The “net cost to originate” includes all production operating expenses and commissions minus all fee income


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

20

06

-07

-01

20

06

-11

-01

20

07

-03

-01

20

07

-07

-01

20

07

-11

-01

20

08

-03

-01

20

08

-07

-01

20

08

-11

-01

20

09

-03

-01

20

09

-07

-01

20

09

-11

-01

20

10

-03

-01

20

10

-07

-01

20

10

-11

-01

20

11

-03

-01

20

11

-07

-01

20

11

-11

-01

20

12

-03

-01

20

12

-07

-01

20

12

-11

-01

20

13

-03

-01

20

13

-07

-01

And Delinquency Rates on US Mortgages Remain High

Delinquency Rate on Loans Secured by Real Estate, Top 100 Banks

Source: Federal Reserve Bank of St Louis


The Rankings of the Largest US Residential Lenders has been

Changing as some Lenders Failed or have Changed Strategy

2009 Rank: Lending Institutions

1. Wells Fargo

2. Bank of America

3. JP Morgan Chase

4. Citigroup

5. GMAC

2013 Rank: Lending Institutions

1. Wells Fargo

2. JP Morgan Chase

3. Bank of America

4. Quicken Loans

5. US Bancorp

Source: Company Reports


Rethinking Strategies And Operations In Origination, Servicing and Foreclosure-Default Management

Removing Cost Across The Board But Especially In Origination.

Scaling Internal Capacities To New Market Volumes And Sourcing For Volatility.

Addressing Broken Or Inefficient Processes.

Replacing Existing Loan/Servicing Platforms Or Finding Enabling Technologies To Solve For Gaps.

Looking For Deeper Insights On Their Operations And Their Portfolios.

Financial Institutions Are Changing The Mortgage Services Market Today By:

All of Which Impact The Strategies and Capabilities of the Mortgage Services BPO Service Providers Profiled In This Blueprint

Also Impacted The Weightings We Used To Evaluate Those Providers in 2014

How Lenders are Responding to these Conditions in Ways that

Impact the Strategies and Capabilities of BPO Service Providers

Research Methodology


More than 8,000 data points were collected from more than 500 live mortgage services BPO contracts, covering 14 major service providers.

Data was collected in Q4 2013 to Q1 2014, covering buyers, providers, and advisors/influencers of core mortgage services BPO.

Tales from the Trenches: Interviews with buyers

who have evaluated service providers and experienced their services. Some are supplied by service providers, but many are interviewed through interviews conducted with HfS Executive Council members and participants in our extensive market research.

Sell-Side Executive Briefings: Structured discussions with service providers were intended to collect data necessary to evaluate their innovation, execution and market share, and deal counts.

HfS “State of Outsourcing” Survey: The industry’s largest quantitative survey, conducted with the support of KPMG, covering the views, intentions, and dynamics of 1,355 buyers, providers, and influencers of outsourcing.

Publicly Available Information: Financial data, website information, presentations given by senior executives, and other marketing collateral.

Research Methodology for the Mortgage Services BPO Blueprint

Data Summary This Report Is Based On:

Participating Service Providers


Evaluation Criteria

Two major factors:

• Execution represents service providers’ ability to deliver services. It includes:

– Solutions in the Real World – Quality of Customer

Relationships – Market Share

• Innovation represents service providers’ ability to improve services. It includes:

– Vision for End-to-End Process Lifecycle

– Integration of BPO and ITO – Vision to Tailor Solution for

Specific Industries – Leveraging External Drivers

Criteria Weighting

Criteria are weighed by crowdsourcing weightings from the four groups that matter most:

• Enterprise Buyers [$5B+] (20%)

• Buyers (20%)

• Service Providers (30%)

• HfS Research Analysts Team (20%)

• Advisors, Consultants, and Industry Stakeholders (10%)

Weightings from this report come from HfS’s January 2013 State of Outsourcing Study

Key Factors Driving the HfS Blueprint


Provider G Provider J

Provider B Provider G

Provider A Provider B

vs.

vs.

vs.

…

After service providers respond to HfS’s Blueprint RFI, and after client references and fact checking have been completed, HfS analysts conduct a paired comparisons survey of service providers in each category of evaluation. This can be as many as 1,100+ unique service provider comparisons.

The data/rankings are compiled and compared across all provider comparisons to identify inconsistencies within the scores.

After a further data refinement, the criteria weightings are used to give each service provider a score in each evaluation criteria component.

Once aggregation and scoring are complete, the service providers’ scores are plotted, producing the HfS Blueprint.

How the HfS Blueprint Scores are Compiled


EXECUTION 71.35%

Quality of Customer Relationships 24.95%

Quality of Account Management Team 8.83%

How Service Providers Engage Customers and Develop Communities 8.00%

How Service Providers Incorporate Customer Feedback 8.12%

Real-World Delivery Solutions 30.90%

Actual Delivery of Services for Each Sub-Process 17.52%

Origination 7.36%

Servicing 7.36%

Foreclosure and Default Management 2.80%

Geographic Footprint and Scale 3.58%

Usefulness of Services to Specific Client Needs of All Sizes 9.80%

Flexibility to Deliver End-to-End Solutions and Point Solutions 4.83%

Experience Delivering Solutions To Top 50 Lenders 4.97%

Flexible Pricing Models to Meet Customer Needs 15.50%

INNOVATION 28.65%

Vision for End-to-End Process Lifecycle 9.56%

Concrete Plans to Deliver Value Beyond Cost and Investment in Future Capabilities 3.96%

Integration of Technology Into Business Process 3.70%

Continuous Improvement Methodology and Capability 1.90%

Vision for Where the Mortgage Market is Headed and How To Respond as a Service Provider 10.09%

Ability to Leverage External Value Drivers 9.00%

Integrated Analytics and Insights Into Delivery 3.50%

Incorporate Regulatory Requirements Quickly and Proactively 5.50%

TOTAL 100.00%

HfS Blueprint Scoring Percentage Breakdown


EXECUTION How well does the provider execute on it's contractual agreement and how well does the provider manage the client/provider relationship?

Quality of Customer Relationships How engaged are providers in managing the client relationship based on the following metrics: quality of account management, service provider / client engagement, and incorporation of feedback?

Quality of Account Management Team What is the quality level of professional skills in the account management team?

How Service Providers Engage Customers and Develop Communities

How well does the service provider engage clients and develop client communities?

How Service Providers Incorporate Customer Feedback

How have service providers taken feedback and incorporated that feedback into their product/solution?

Real-World Delivery Solutions Does the solution provided compare favorably to the service agreed upon when taking into account delivery of services for each sub-process and geographic footprint and scale?

Actual Delivery of Services for Each Sub-Process

Taking into account each sub process and the entire macro process, does each sub-process sum to successful delivery of the service being provided For example in the Mortgage Services macro process of Origination, are all sub-processes being delivered upon successfully?

Geographic Footprint and Scale Specific to the category, to what degree do service providers have geographic locations that offer strategic value and do they have scale?

Usefulness of Services to Specific Client Needs of All Sizes

How flexible and experienced are providers when tailoring solutions based on client size, location, and type of solution (end-to-end and single point)?

Flexibility to Deliver End-to-End Solutions and Point Solutions

How flexible are providers with delivering multi-process end-to-end solutions vs. single point solutions?

Experience Delivering Solutions to Top 50 Lenders

How experienced are providers at delivering solutions to the specific needs of the largest lenders?

Flexible Pricing Models to Meet Customer Needs How flexible are providers when determining pricing of contracts? Are they willing to make investments into the client’s firm for long term growth?

Execution Definitions


INNOVATION Innovation is the combination of improving both services and business outcomes.

Vision for End-to-End Process Lifecycle The strategy for delivery services to each part of the processes "value chain". For example, in Finance and Accounting, the components of the value chain may include order to cash, record to report, and procure to pay. In Customer Relationship Management, the components may include outbound service, inbound service, quality, training, workforce management, call routing, self service, and customer insights/analytics.

Concrete Plans to Deliver Value Beyond Cost and Investment in Future Capabilities

Clear understanding of what value levers exist and how the service provider will deliver that value. Examples of value may include labor arbitrage, technology, analytics, quality, revenue, global scale, and flexibility.

Integration of Technology Into Business Process

How the service provider integrates applications with manual labor to improve value to clients. Service providers may provide cloud-enabled technology, SaaS, workflow, or analytics applications.

Continuous Improvement Methodology and Capability

How well does the provider execute on improving business process and capabilities of their solutions?

Vision for Where The Mortgage Market is Headed and How to Respond as a Service Provider

Does the provider have a vision for how the mortgage market is developing and how they need to respond as a service provider to these changes both in terms of specific capabilities and in their commercial and operating approach?

Ability to Leverage External Value Drivers How well have providers integrated external value drivers into their services? Examples include: cloud solutions, security enhancements, incorporation of regulatory changes, and use of new collaborative tools.

Integrated Analytics and Insight into Delivery How well does the provider leverage analytics and insights into their solutions?

Incorporate Regulatory Requirements Quickly and Proactively

How well does the provider incorporate the latest regulatory requirements and proactively integrates future regulatory requirements?

Innovation Definitions


Sales & Marketing

• Product Development

• Prospect and Lead Generation

• Direct Sales

HfS did not include the Commercial Mortgage market in this assessment and instead will cover that in future standalone reports

Pre-Underwriting

• LOS Data Entry

• LOS Data Validation

• Data Lock in LOS

Processing

• Document Checks

• Ordering External Data

• VOE/VOM/VOR

• Initial Disclosure and Truth In Lending Preparation

Underwriting

• Automated Underwriting

• Manual Underwriting

Closing

• Document Prep

• Scheduling Closing

• Funding

• Trailing Documentation

• Appraisal and other Risk Reviews

Servicing

• Payment Processing

• Taxes and Escrow Management

• Customer Care

• Investor Reporting Management

Defaults

• Collections

• Default and Property Identification

• Foreclosure

• Loan Modifications

• Dispositions

• Securitization Reviews

Analytics

Loan Origination System (LOS) Licensing and Maintenance

Document Management

Mortgage Services BPO Definitions

Residential Mortgage Value Chain – Core Processes

HfS Value Chain Definition: Value chain refers to the series of departments that carry out value-creating activities to design, produce, market, deliver, and support a company’s product or service. In this usage, we refer to the range of primary processes and support services that providers offer to their clients.

Service Provider Capabilities


Winner's Circle: Organizations that demonstrate excellence in both execution and innovation.

• From an execution perspective, providers have developed strong relationships with clients, execute services beyond the scope of hitting green lights, and are highly flexible when meeting clients needs.

• From an innovation perspective, providers have a strong vision, concrete plans to invest in future capabilities, a healthy cross-section of vertical capabilities, and have illustrated a strong ability to leverage external drivers to increase value for their clients.

High Performers: Organizations that demonstrate strong capabilities in both execution and innovation, but are lacking in an innovative vision or execution against their vision.

• From an execution perspective, providers execute some of the following areas with excellence, but not all areas: high performers have developed worthwhile relationships with clients, execute their services and hit all of the green lights, and are very flexible when meeting clients needs.

• From an innovation perspective, providers typically execute some of the following areas with excellence, but not all areas: have a vision and demonstrated plans to invest in future capabilities, have experience delivering services over multiple vertical capabilities, and have illustrated a good ability to leverage external drivers to increase value for their clients.

Winners Circle and High Performers Methodology

To distinguish providers that have gone above and beyond within a particular line of delivery, HfS awards these providers a “Winner’s Circle” or “High Performer” designation. Below provides a brief description of the general characteristics of each designation:


EXECUTION

INN

OV

ATI

ON

Winner’s Circle

High Performers

HfS Blueprint 2014: Mortgage Services BPO

Accenture

Cognizant

EXL

Firstsource

Genpact

IBM

iGate

Infosys

ISGN

Sutherland

TCS

Wipro

WNS

Xerox


EXECUTION

• Accenture Delivers (Winner’s Circle) – Accenture came out at the top of the service providers for the depth

of capabilities in delivering both origination and servicing processes the way that large clients want them done.

– The greatest challenge for Accenture is to further build out the existing capabilities in mortgage analytics to match the overall branding that the corporate marketing has created.

• ISGN Thrives On Process and Technology (Winner’s Circle) – ISGN is thriving as a mortgage pure-play by understanding the

process and technology needs of their core clients who include Regional and Local lenders across the US.

– The greatest challenge for ISGN is re-investing in the required technology and analytics to compete with deep-pocketed competitors who have chosen to pursue aggressive growth in mortgage services BPO.

• TCS Has Scale (Winner’s Circle) – TCS has scale in mortgage processing to a level most other service

providers can only dream of with significant large scale anchor clients.

– The greatest challenge for TCS is to go beyond excellent execution and bring more vision to the future of mortgage as well.

• Genpact Does What Genpact Does Best (High Performer) – Executing on transactional process delivery and pleasing clients by

meeting their operational expectations is what Genpact does best and that is as evident in the mortgage services market as it is in their other process areas.

INNOVATION

• Wipro Focuses on Vision and End to End (Winner’s Circle) – Wipro was our innovation leader in no small part due to a

recent focus both on the broader vision for where the mortgage market is going and in making the acquisitions (e.g. Opus CMC) and investments to support that vision with end to end capabilities.

– The greatest challenge for Wipro is now to convert that innovation into even more outstanding process execution.

• IBM Has A Vision (High Performer) – IBM has a technology led vision for mortgage services

and where the market is headed and that vision is significantly differentiated from what we broadly see occurring in the market.

• Xerox Has The Platform For Innovation (High Performer) – Xerox with the BlitzDocs platform has the basis for

digitizing mortgage processes much further than they have gone today and truly building out Mortgage Processing as a Service.

• Cognizant Bringing Big Picture Thinking (High Performer) – Acquiring CoreLogic India got Cognizant into transactional

mortgage processing and now bringing big picture consulting led thinking about the future of lending can further drive their growth in this market segment.

Major Service Provider Dynamics – Highlights


We Saw Significant Variance Between Mortgage BPO Service

Providers in Their Mix of Work and Their Focus

45%

35%

65%

35%

80%

50%

14%

70%

55%

65%

36%

55%

45%

20%

55%

30%

65%

2%

50%

75% 45%

24%

45% 30%

5%

25%

35%

10%

10% 5%

25%

41%

6% 5%

59%

20% 20% 25%

0%

25%

50%

75%

100%

Origination Servicing Default Other

% o

f Reven

ue

Source: Service Provider RFI Submissions to HfS and HfS Estimates


We Also Saw Differences Between Service Providers Whether a

Proprietary Loan Origination System is Part of the Offering

Does Not Offer Proprietary Loan Origination System (LOS)

Offers Proprietary Loan Origination System (LOS)


By our Next Blueprint for Mortgage Services, we Expect

Solutions for Process Automation in the mix as well

Process Automation

• Process Automation Is Being Tested In Other Process Areas Now

Over the last 6 months, BPO service providers have become very active in piloting the deployment of new third party and proprietary process automation tools. These tools are seen as a way of removing labor from existing processes by “smoothing out” processes where existing platforms (such as ERPs) are creating gaps and unnecessary manual efforts through for instance the creation of virtual FTEs or “robots”.

• The Same Conditions Appear In Top 50 Lenders

Most of the largest mortgage lenders have to operate with legacy loan origination (and servicing) platforms whose “gaps” and “flaws” create significant labor intensive workarounds to complete transactions. This is just the sort of environment where process automation tools are relevant.

• Many Of The Same Service Providers Are Involved

Many of the early leaders in piloting process automation are also significant service providers in the mortgage services market. We expect to see them rapidly replicate the capabilities and lessons from functions like F&A and HRO where process automation is today and bring that into their mortgage services offerings in 2H 2014 and beyond.

• But Will Lenders Accept Increased Process Automation

The biggest question in the application of process automation to mortgage services isn’t the capabilities of the service providers. Instead, it’s whether lenders having in many cases just begun to review their processes to start with will accept the deployment of “robots” and whether regulators will accept them as well.

Service Provider Profile


Relevant Acquisitions/Partnerships Key Clients Global Operations Centers Technology Offered

• Fair Issac Mortgage Division (2007) • Dynatek LOS (2007) • Fiserv’s Fulfillment/Origination Division (2009)

• Trupoint analytics software alliance • Granite Loan Management Construction

Lending Risk Management Software and RennovationReady which are integrated into ISGN’s TCL construction lending platform

400+ total clients • 15 Large scale origination clients • 7 Major servicing clients • 245 Technology clients • 170 Title and valuation clients

Headcount: 1,000+

Locations: Palm Bay, FL Rocky Hill, CT Roswell, GA Bangalore, India Chennai, India

• Catapult (Loan origination system) • Gators (Settlement and vendor

management system) • LSAMS (Loan servicing platform) • Tempo (Default management platform) • TCL (Lending platform for residential and

commercial construction loans)

Strengths Challenges

• Origination. Customer and buyer inquiries cited the quality of delivery for origination (a.k.a Fulfillment) processes both standalone for the major lenders on their systems and using ISGN;’s own Catapult LOS for the mid market of lenders. This delivery experience has resulted in some previously multi-sourced clients consolidating volume into ISGN.

• Flexible Pricing Models. ISGN perhaps because of the models created by selling technology solutions standalone, is also seen to be one of the more flexible service providers for mortgage BPO services as well

• Flexible Solution Models and Integration of Technology. Market discussions highlighted the variety of point solutions available from ISGN especially for lower middle to upper middle sized lenders. This goes beyond technology and outsourcing solutions to also include being a licensed title agency, and providing valuation services to having a roster of consulting staff on hand for client work in compliance and process improvement.

• Continuous Improvement. Maintaining a roster of technology across the mid market of lenders and supporting Top 50 lenders has encouraged ISGN to be vigorous in their investment in continuous improvement capabilities.

• Vision For Mortgage Market. ISGN’s practical solution based vision for where the US domestic lending market is heading and how to respond was cited as a strong differentiator.

• US Presence. Over 70% of ISGN delivery is conducted from Bangalore and Chennai versus on-shore. While that works well for technology delivery and for point solutions, many Top 50 banks have been looking for completely on-shore delivery since 2009 rather than moving any work off-shore.

• Technology Dependency. More than most service providers, the success of ISGN is driven by the breadth of technology solutions in its portfolio. This variety of point solutions has attracted a wide breadth of clients whose future technology requirements will need to be serviced by maintaining highly standardized and consistent services. Maintaining this product regime while also servicing large scale non-technology clients is a balancing act that most BPO service providers continue to struggle with.

• Pure Play Status. ISGN is one of the last and certainly most significant mortgage service pure plays with a broad product offering. While this makes it easier to show commitment to the market, it also means that ISGN even with the backing of K.K. Birla Group and NEA investments has more limited pockets compared to other players when it comes to ongoing investment requirements or pull through into Top 50 lenders.

Blueprint Leading Highlights

• Origination Process Capabilities

• Flexible Pricing And Solution Models To Meet Customer Needs

• Continuous Improvement

• Integration Of Technology Into The Business Process

• Vision For Mortgage Market

Origination: 70% Servicing: 24%

Default: 6%

ISGN

Winner’s Circle Pure-play serviced provider with flexible technology solutions

About the Author


[email protected]

Overview • Over 18 years’ business experience in strategy development and delivery

in the global outsourcing industry across US, Europe and Asia • An industry advisor, strategist, author, speaker, practitioner and blogger Previous Experience • Chief Strategy Officer, SourceHOV • Managing Director, Growth & Strategy, Accenture BPO • Managing Director, Strategy, Accenture Infrastructure Outsourcing • Strategy Partner, Accenture Media & Entertainment Practice • Marketing Director, Olivetti Education • MBA, INSEAD, Fontainebleau France • Honors BA, Political Science and Economics, University of Toronto

Charles Sutherland

EVP, Research Dallas, Texas

mailto:[email protected]


HfS Research is the leading independent analyst authority and community for the global business services and outsourcing industry. HfS serves the research, governance and strategy needs of business operations and IT leaders across finance, supply chain, human resources, marketing, and core industry functions. The firm provides insightful and meaningful analyst coverage of the best business practices and innovations that impact successful business outcomes, namely talent development, process automation and outsourcing, global business services frameworks, mobility, analytics and social collaboration. HfS applies its acclaimed crowdsourced Blueprint MethodologyTM to evaluate the performance of service providers in terms of innovating and then executing against those business outcomes. In addition to researching business operations strategies and their technology enablement, HfS educates and facilitates discussions among the world's largest knowledge community of enterprise services professionals, currently comprising 145,000 subscribers. HfS Research facilitates the HfS Sourcing Executive Council, the acclaimed elite group of sourcing practitioners from leading organizations that meets bi-annually to share the future direction of the global services industry and to discuss the future enterprise operations framework. HfS provides sourcing executive council members with the HfS Governance Academy and Certification Program to help its clients improve the governance of their global business services and vendor relationships. In 2013, HfS was named first in rising influence among leading analyst firms, according to the 2013 Analyst Value Survey, and second out of the 44 leading industry analyst firms in the 2013 Analyst Value Index. In 2010 and 2011, HfS was named “Analyst of the Year” by the International Institute of Analyst Relations (IIAR), the premier body of analyst-facing professionals and achieved the distinctive award of being voted the research analyst industry's Most Innovative Analyst Firm in 2012. Now in its seventh year of publication, HfS Research’s acclaimed blog “Horses for Sources” is widely recognized as the leading destination for unfettered collective insight, research and open debate about sourcing industry issues and developments. To learn more about HfS Research, please email [email protected].

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HfS Blueprint Report - Sourcepoint€¦ · HfS Blueprint Report ratings depend on a broad range of stakeholders with specific weightings based on 1,355 crowd-sourced responses