A two minute read.
Research indicates that 55% of financial firms cite legacy systems and processes as a key barrier to Digital Transformation. We also know that there is an ongoing need to reduce associated costs and risks. Would an approach to reduce costs and risks be valuable to you?
There are many ways to tackle the multiple challenges associated with your legacy systems, but these must all start with an understanding of the part they play in your customer journeys, with an empirical view of what is executed in operations and what is hidden in the code. This insight coupled with the right experience will help you start out on the right transformation and optimisation journey, and through continuous monitoring, ensure you achieve optimal business outcomes at the end.
Could it be that you will be stuck with your legacy systems for longer than you had planned and they will remain at the core of your customer interactions for the foreseeable future? Maybe you are seeing cost and performance issues due to changing customer behaviours and have limited headroom in your budgets for processing costs and/or infrastructure upgrades. Are your development budgets are under pressure with a limited and ageing subject matter expertise? The right insight and transparency help you address all of these challenges and more.
The great value of the right insight and transparency can be in the hands of the budget holders to challenge the basis of third party costs, creating transparent management of costs and fees.
For example, in one recent assessment we observed a client paying millions of pounds for resources to look after a large ‘complex’ system with millions of lines of code, at the core of customer interactions.
With a short assessment of the system it was clear that only 40% of that large and ‘complex’ system ever changed, and only of 20% of it changed annually. So how large and complex was that system really? Did it need hundreds of staff to maintain and change it? How many lines of code were the development resources changing per day? It turned out to be very low.
If you could get this level of transparency across your estate could you better manage your suppliers? Would this be powerful ammunition for you and your procurement team?
This is just one observation from one system this level of detail can give senior leadership team in large organisations real food for thought and is one of many options for legacy cost containment or reduction.
If you believe that you can benefit from greater transparency and insight to your legacy estate and associated costs then please reach out to me for a no-obligation conversation. What do you have to lose?