Tag: legacy system

Despite the rapid growth of cloud computing, industrial edge remains a core component of industrial IT environments. The hype around key factors like skills, budget, and security continues to drive cloud adoption. However, unique industrial requirements ensure edge computing remains integral by supporting real-time, mission-critical demands that the cloud often cannot match.

Strengthening digital verification methods in financial services is essential to combat fraud, ensure regulatory compliance, and enhance customer trust in today's rapidly evolving digital landscape. Digital onboarding and real-time transactions are key to delivering a slick customer experience for financial services today. However, this open trading world has created gaps for financial criminals, including money launderers, terrorist financiers, and fraudsters, to exploit.

Does anyone remember when banks and insurance companies lamented that customer information couldn’t be leveraged effectively? This was because it was locked up in silos. Surprisingly, you don’t need a long memory - this was only about 12 months ago. And it remains a major issue for large organisations. Many still struggle to integrate disparate divisions dealing with the same customers, but separately.

Increasingly dominated by cloud solutions, the global payroll and HR software market is forecast to top $61 billion by 2030. This growth reflects the shift towards cloud-based payroll and HR systems in businesses of all sizes and across industry sectors. The adoption of cloud-based systems has had a disruptive influence on the way businesses manage their payroll and HR functions.

Traditional South African banks, and their associated dated computer systems, were not designed for the breadth of operations required in modern banking and are rapidly falling off the pace of current banking demands.  Each advance in services offering, such as when customers started to use ATMs, demanded a wider range of features.

In an ever evolving, fast paced, and constantly innovating world, enterprise software solutions must deliver on one essential element. They must always offer a solution to a customer problem or meet a direct need. To achieve this, embracing the cloud is a must.

Moving to the cloud is a huge decision, many factors need to be considered but ultimately, it's a smart move. Those who have already embraced cloud are thriving and the rest are dying. It not only empowers businesses, but does away with high costs associated with owning and maintaining on-premise hardware.

As South Africa battles a fourth wave of COVID-19 infections, all eyes are on how businesses will steady the ship and continue to prepare themselves for future shocks and disruptions. This, coupled with a global surge in cyber attacks, means that digital transformation and acceleration remain as relevant and important, if not more so than ever. 

The cost of lost business makes up around 40% of the average cost of a large-scale data breach, translating in customer turnover, lost revenue due to system downtime and higher cost of acquiring new business due to reputation damage. This was the finding in a Ponemon Institute research study sponsored by Accenture.