Traders Magazine (June 5)
“Financial institutions don’t need more systems or more people. They need better structure, better visibility and better processes that reflect the complexity of today’s data environment. The firms that recognize this – and act – will be in a far stronger position as scrutiny grows and costs continue to climb.”
Tags: Complexity, Costs, Data environment, Financial institutions, People, Processes, Scrutiny, Structure, Systems, Visibility
The Atlantic (July 21)
“Crucial systems across the world collapsed on Friday, triggered by one mistake in a single company…. It may end up being the worst information-technology disaster in history. This was not, however, an unforeseeable freak accident, nor will it be the last of its kind” unless we prioritize “decentralized resilience” over “hyperconnected optimization.”
Tags: Collapsed, Crucial, Decentralized resilience, Freak accident, hyperconnected optimization, IT disaster, Mistake, Systems, Triggered, Unforeseeable, Worst
The Economist (June 3)
“It is the fourth time in a year that BA’s computer systems have suffered a major crash. And debilitating IT breakdowns are becoming increasingly common” across an industry with particularly high IT demands. “The sheer quantity and complexity of the data they handle make airlines particularly vulnerable to IT disasters.” And yet, “in 2015 airlines spent 2.7% of their revenues on IT, half the norm across all industries and a lower share even than hotels.” The pressure to pressure to cut costs is strong, given the industry’s harsh competition. The cost of an IT melt down, however, is much greater. Airlines must “refrain from pruning investment in IT too far.”
Tags: Airlines, BA, Complexity, Computer, Crash, Data, Investment, IT, Quantity, Systems
