The Key to Releasing Your Business’s Full Potential – CSC
Article Synopsis :
Innovative software is transforming entire industries, yet dated applications still hold back far too many organizations. How to compete in a digital world without trashing legacy sources?
Leveraging – rather than replacing – legacy systems is possible via recent innovations in API management
The CSC whitepaper, “Digital Applications: The Key to Releasing Your Business’s Full Potential“, explores how to unlock information from legacy systems and combine it with information from disparate sources to deliver in-context results to dramatically improve business outcomes. The paper is organized around the following topics:
- How innovative software is transforming entire industries
- How digital applications can help businesses unlock information from their legacy software
- How new approaches are reversing the 80/20 spending rule
- Why smart companies are joining the API economy
Cutting edge technologies like cloud, mobility, social media and analytics are driving the software architecture of every industry. Full-scale transformation however is inhibited by lack of budget as well as resource and talent gaps.
If you’re still working primarily with old legacy systems this paper suggests a method whereby modern digital application architectures can operate loosely coupled with legacy systems, leaving legacy applications intact while leveraging new value from the information by accessing it through newlybuilt or freshly enhanced APIs. This arrangement can help insurers achieve the following results:
- Enriched customer experiences
- Agility – enabling the quick deployment of new business strategies
- Quick decision making
- Reduced operating costs
Other benefits include:
- Improved performance of old legacy applications by creating value-links to the information
- Lower response times
- Cloud support to avoid data corruption
- Easier deployment and maintenance of applications
- A more connected organization via applications on smartphones, tablets, etc.
The paper discusses the transformation imperative at a high-level while acknowledging the transformation itself is comprised of a series of well-defined and executed small steps, also touched upon.
Link to Full Article:: click here
Digital Insurer's Comments
Every Tier I and II insurer spends a great deal of money supporting legacy applications, typically on the mainframe. In fact this activity on average absorbs 80% of annual IT budgets.Digital transformation is typically viewed as an either/or proposition – either we stick with our legacy or we replace it. As replacement is in almost every case an eight or nine digit endeavour with high levels of execution risk, more insurers are looking for a middle way, as suggested in this paper.
Leveraging legacy – rather than wholesale replacing it – is a key area of innovation for insurers, especially in the U.S. Tapping the expertise of a third-party software company specializing in API management is a good place to start.
Link to Source:: click here
About the Author
Hugh Terry
Founder, TDIOther articles
Bain & Co : How Insurance Consumers Are Responding to Covid-19
Infomineo : Microinsurance sector : An overview of the market development and distribution strategies in Africa
Insurance Council of Australia : General Insurance Code of Practice
Coverager : The Future of Data in Insurance
BCG : The Building Blocks of Bionic Distribution in Insurance
Strategy& : Japan’s Insurance Sector post-COVID Where to From Here?
Hugh Terry
Founder, TDI
EVENTS
EVENTS
EVENTS
EVENTS
Comments