Technology rationalization: a key component and helpful cost-reduction exercise, often leading to significant consolidation as well. Reduce operational expenses and redundancies with the goal of increasing efficiency and productivity.
Lingering, legacy applications and systems require ongoing maintenance and support costs. These costs increase over time. The longer legacy systems and apps remain, the more complex the transition and migration to new solutions often become. Also, gaps in cybersecurity can increase as legacy systems just aren't able to accept new patches and updates.
Agility and resiliency are key and more important than ever as organizations continue to adapt in this era and the current state of things. Moving core systems to the cloud is a pivotal endeavor for most businesses to achieve these goals.
Are you planning a tech rationalization program in Q1? Do you have one? Do you need one?