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Analysis of Iress Disruptive Technology

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A disruptive technology is the one that displaces an existing technology and creates a new market and value. It replaces the established leading firms, companies, products. For example, social media like Facebook and WhatsApp had changed the way people communicate. This is one of the leading disruptive technologies. WhatsApp has replaced calls and SMS. Another familiar example is smart phones. They have replaced telephones and cell phones and have multi-purpose use. IRESS is one of the disruptive technologies in the financial technology market that rose up to fame within a short span of time.

IRESS – leading fintech provider

In 1993, Dunai financial services was started and a software named IRESS was launched. Eventually, after many collaborations the firm was named IRESS and they are the software providers for the Australian superannuation industry. IRESS provides software for financial institutions, stockbrokers and other financial firms. With an annual revenue of $389 M and around 1800 employees they are running a good show. Giving a tough time for its competitors this company has equal pros and cons. WLM financial, iSelect, Centrepoint alliance, UniSuper are some of the reputed clients of IRESS. It provides technological solutions and software for services like invest management, broking, financial planning and superannuation. Some of their renowned products are:

  1. Acurity – Administration platform for superannuation funds.
  2. IRESS Pro- solution for equity market and trade data
  3. Xplan- integrated software for wealth managers and financial planners. Some of its top competitors are: Bloomberg: Has an annual revenue of $9B, Durell software: has an annual revenue of $383 M, Trivaeo: has an annual revenue of $6. 6M.

Advantages:

  1. IRESS provides flexible work environment for its employees.
  2. Employees have good professional growth opportunities. Working in a lead fintech company gives them a proper exposure and knowledge.
  3. IRESS has good strategic vision. They always incorporate solutions that is required in the market at the current state.
  4. For a growth of a company, employee benefits play a vital role. IRESS provides work-life balance for its employees. The employees can also work remotely from their homes.

Disadvantages

  1. At times it is said that they compromise on the quality of the product to achieve their deadlines.
  2. Employees have stated that the middle management is not up to the mark.
  3. Investments have not been made on the employee benefits. The employees have stated that the salary package is less while they invest more on renovating work spaces and technological gadgets.
  4. The use of up to date modern technologies is not incorporated.

Ideas to improve their revenue:

  1. Employee benefits must be given more priority. Increasing the employee perks and corresponding salary packages will motivate them to go the extra mile.
  2. Lower unit price for higher volume package- sell a larger package for a lower unit price while maintaining good margins. Giving attractive prices will also lure many more clients which in turn increases the revenue.
  3. Creating loyalty clubs for regular clients and giving them discount prices, free software fixes, patches, maintenance will increase the loyalty of the clients.
  4. Pricing their services according to the market needs will in turn increase the revenue.

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Analysis Of IRESS Disruptive Technology. (2020, March 16). GradesFixer. Retrieved November 28, 2020, from https://gradesfixer.com/free-essay-examples/analysis-of-iress-disruptive-technology/
“Analysis Of IRESS Disruptive Technology.” GradesFixer, 16 Mar. 2020, gradesfixer.com/free-essay-examples/analysis-of-iress-disruptive-technology/
Analysis Of IRESS Disruptive Technology. [online]. Available at: <https://gradesfixer.com/free-essay-examples/analysis-of-iress-disruptive-technology/> [Accessed 28 Nov. 2020].
Analysis Of IRESS Disruptive Technology [Internet]. GradesFixer. 2020 Mar 16 [cited 2020 Nov 28]. Available from: https://gradesfixer.com/free-essay-examples/analysis-of-iress-disruptive-technology/
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