How to Decommission & Migrate Away from Legacy LOS
If you’re using a homegrown or legacy loan origination system (LOS) but have been hesitant to decommission and migrate away from it because of the expense and headaches involved, you need to know about InfoArchive from EMC.
What Is InfoArchive?
InfoArchive is an enterprise archiving platform that stores related structured data and unstructured content in a single consolidated repository that is much more cost-effective and stable than legacy information systems. As a result, InfoArchive helps focus your IT budget on innovation rather than maintaining old software.
MetaSource professional services ensures that your archival data is migrated to InfoArchive. To ensure this, we also keep your old software system running for a period of time in case of any hiccups. Once this period of redundancy is no longer needed, we fully decommission the old software.
The Case for Migration & Decommissioning
There are four main reasons for doing this:
- Cost Savings: either the cost of what you’re being charged by the vendor for software maintenance (often 20% of the original cost) and/or the annual fully loaded cost of everyone on your team that is employed to keep the system running
- Opportunity Cost: the value of what your employees could be doing who are instead using and maintaining the old system
- QC: does the vendor or your internal team adhere to the principles of dev ops, continuous engineering and agile development? The developers behind InfoArchive do…
- Risk Mitigation: with older software, there are usually only a few people that even know how to keep it running – what happens if they get hit by a bus?
Thus, if you’re using a legacy or homegrown LOS, then InfoArchive combined with our professional migration services can be the answer. The first step is to conduct a no-obligation, legacy LOS audit to determine the scope of the migration and decommissioning, so contact us today to get started.