There is a widely held opinion that opportunities for contractors are rapidly dwindling as a result of the extensive public sector spending cuts. However, there could actually be some exciting times ahead for skilled IT contractors.
FTEN are an American technological company who are responsible for innovating a new system, which will be rolled out across the financial services sector. This, in turn, will create an abundance of job opportunities for skilled contractors who will be required to set the new system up. FTEN have just had a patent granted on their new technology, which is ground breaking within the sector. It is believed that this system, which analyses systemic risk-management in real time, will actually revolutionise financial services.
The question appears to be whether the contracting market will actually be able to meet the demand because it is expected that there will be no shortage of opportunities once this project gets underway. All market-based firms will require updates to their existing technology to allow the installation of the new technology. Eventually the public sector will have to update their systems in order not to be left behind. This will create further opportunities.
This is not just a possibility. This new technology is currently being purchased by the banking sector. IT contractors are sure to benefit from these developments and should look to financial services for these new opportunities.