Consolidating performance monitoring tools is an effective way for financial services enterprises to save costs and resources.
The use of numerous disparate monitoring tools is common throughout the financial services industry, due to three inherent factors:
- Legacy systems remain in use because financial services, being numbers-based, were among the earliest adopters of data-based technology, and old tools still work.
- The proliferation of products and services is endemic to contemporary finance, resulting in custom monitoring solutions.
- Multiple tool sets result from the blending of two or more IT infrastructures due to mergers and acquisitions, or due to siloed monitoring towers.
While the goal of performance monitoring is to keep everything up and running efficiently, the proliferation of point solution tools is having the opposite effect.