How BMO Harris Saved Over $10 Million Through Data Archiving and Application Decommissioning
Banks, insurance companies, and other financial services companies that have undergone mergers or acquisitions face an expensive data management predicament. They have a growing number of applications, many of which are outdated or redundant and are in read-only mode. They also have to support data retention policies for data residing on these outdated or redundant applications.
This was the case with BMO Harris, a subsidiary of the Bank of Montreal. A series of business and technology merger activities resulted in several outdated or redundant applications. They had to ensure that data retention policies were being met for data on systems resulting from the mergers and acquisitions. But pulling data into one repository, sunsetting the legacy applications, and making it simpler for their users to go to one source rather than multiple sources was a challenge.
To address this challenge, BMO Harris developed a Data Retention and Decommissioning (DRD) program. The DRD program earmarked applications for decommissioning and archiving their data to a common repository that would easily support data retention policies. By archiving the data, BMO Harris could turn off the legacy systems and eliminate the related hardware, maintenance, and support costs.
During the past several years, BMO Harris has decommissioned 16 applications, archived 4.3 terabytes of data, and saved more than $10 million.
Join us for a webinar Thursday, April 11, from noon – 1 p.m. (EDT) to learn:
- What BMO looked for in an archiving and decommissioning solution
- How BMO implemented its Data Retention and Decommissioning Program
- Benefits of the DRD Program
- Tips to make data archiving and application decommissioning projects a success