FOMO: Opportunity Cost; the Fear of Missing Out…But on What?
with Rimini Street Solution Architects and Executives
Many organizations today rely on PeopleSoft 9.2 ERP applications as cornerstones of their business operations. Despite Oracle having no firm commitments to deliver specific new functionality on their PeopleSoft 9.2 roadmap, many organizations experience a fear of missing out (FOMO) if they were to leave the vendor support, wondering what new feature may be on the horizon that they feel they will want.
Interestingly, a recent survey1 of PeopleSoft 9.2 customers found roughly 50% have deployed zero new features since they moved to the Oracle continuous updates model. Meanwhile, the cost of paying Oracle to wait for updates can be close to $10 million over the next five years in total support and maintenance.
This rising costs of ongoing support and lack of committed roadmaps for ERP haves all helped fuel a move to third-party support for ERP applications, as Gartner points out in a recent 2020 survey:2
"Each year, support costs for legacy software increase, while the benefits gained from that support decrease, leading to more organizations seeking lower-cost third-party support options."
Leveraging Rimini Street independent, third-party support, PeopleSoft customers save a guaranteed 50% on support and up to 90% in total maintenance, while receiving full support for their current 9.2 updates and customizations for at least 15 years, as well as the industry's fastest Legislature-to-LiveTM tax, legal, and regulatory updates.
In this video, Rimini Street experts discuss how PeopleSoft customers can think critically about what value they have been actually receiving from their 9.2 updates so far, and weigh the opportunity cost of paying Oracle to wait for something new versus funding and driving new innovation their businesses need now.
2Gartner Predicts 2020: Negotiate Software and Cloud Contracts to Manage Marketplace Growth and Reduce Legacy Costs Published 18 December 2019