| An SI Board Since July 1997 |
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The headline of the July 7, 1997 issue of Computing Canada reads "Euro currency creating IT nightmare". The full article by Patricia MacInnis can be read at plesman.com
The basic issue is that the European Monetary Union (EMU) plans call for the European Community's 15 member countries - Germany, France, Britain, the Netherlands, Austria, Finland, Ireland, Denmark, Belgium, Luxembourg, Sweden, Portugal, Italy, Greece and Spain - to adopt a single currency (the euro) by January 1, 1999.
Some interesting information and quotes from the article:
- "move to a single currency will cost IT departments millions more than what it is costing them to deal with the Year 2000 (Y2K) issue.
- " the Y2K issue will seem like a "walk in the park" when compared to what it will take organizations to become euro-compliant, especially for financial institutions.Euro conversion is costing Wall Street banks six times the investment of the Year 2000 issue"
- "financial institutions that deal with exchange rates and companies using electronic commerce, electronic data interchange (EDI) and the Internet to conduct business with European-based companies will face an IT challenge equal to or greater than that of the Y2K problem.
- many companies may be ignoring a potential catastrophe because they're so focused on the Y2K issue.
Opportunities will abound to meet this need. Certainly the financial software vendors (SAP, Peoplesoft, Oracle etc.) will benefit but what about experienced Y2000 IT consulting companies and automated system conversion tool providers? Presumably many of the North American companies who deal with Europe may use their Y2000 service provider to handle euro requirements as well, but it seems probable that an extra benefit will accrue to Y2000 players such as Alydaar who have a European presence already.
Anyone familiar with IT consulting companies or other automated conversion tool providers with a presence in Europe?
Your thoughts on the issue or on any other companies that may do well?
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