N Ganapathy Subramaniam, President, TCS Financial Solutions
We had the Agriculture Economy, the Industrial Economy and the Knowledge Economy, followed closely by the Internet Economy and now the Digital Consumer Economy. Each successive era has had a profound impact on people, organizations and countries.
In each era, an understanding of “The Art of the Possible” has allowed some businesses to flourish. Transition from one era to the other always involves disruption to the norm. The worrisome factor today is the pace at which changes are taking place. What the Internet Economy accomplished in a decade, the Digital Consumer Economy has already done, or will complete doing, within the space of a few short years.
Most organizations evolve their systems over time by accumulating and embedding business rules, processes, checks and balances, data flows and workflows. The people who have developed and maintained these systems are highly knowledgeable of the businesses, policies, procedures, rules and regulations of their respective organizations. Yet for this entire generation of system builders, retirement looms in the not-so-distant future.
The vintage landscape has been abused over time and organizations have been managing its evolution. Systems have been tweaked to do much more work than they were intended for by design, they have been enabled for online business, and all these factors have led to tremendous volume growth. It is amazing to see that these systems have been able to scale, and in some cases, last year’s peak is becoming this year’s average.
Concerns abound: How long can these vintage systems cope with the increased volume of transactions? Are they still fit for purpose? What will happen when the system builders retire? How will these systems meet the needs of the Millennial generation and beyond?
Read the insights.