Government
Government
Covid19 has been the biggest check for the government sector. Around December 2020, 15,000+ Vermont citizens received delayed unemployment checks due to some mainframe error. Imagine the horror and then think if upgrading decades-old legacy systems could have prevented it? The government sector has no way out but to invest in technology made for today for a better tomorrow.
Healthcare & Life Sciences
Healthcare & Life Sciences
In life sciences, consider patent cliffs, pipeline acceleration, regulatory changes, consolidation, carve outs, divestitures, spin-offs, etc. In healthcare, think about the security of patient data, evolving local care delivery models, interoperability challenges, increasing financial pressures to shift from volume-based to value-based care, and regulatory changes. Now consider if your legacy system is a better fit or investing in state-of-the-art technology.
Energy
Energy
In the energy sector, despite challenges, companies still spend a majority of their IT budget on maintaining outdated systems, which is costly and produces no profitable output. Maintaining legacy mainframes requires significant power and resources for smooth functioning and it is also detrimental to the environment. For example, producing electricity by leveraging old technologies is counterproductive to the enterprises’ well-being, geography, and population.
Manufacturing
Manufacturing
For industries that continue to use legacy systems, it is invariably a false economy with huge financial costs, security compromises, commercial consequences, and operational barriers. However, it is the cost of implementing new technology that holds back Manufacturing SMEs from taking the move forward. For a situation like this, instead of canceling the legacy system at one go, businesses can adopt a modular approach to phase out outdated technology in stages.
Finance & Banking
Finance & Banking
Legacy banking software is a major constraint, preventing traditional banks from scaling capabilities at par with digital banks. On average, larger incumbent banks have setups written in Common Business-Oriented Language (COBOL) from the 60s and 70s. Modern programmers use advanced programming languages and therefore there’s always a risk involved if banks do not consider modernizing their legacy systems.