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Summary and Comments

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Category: 

Too_Late

Date: 

1998-04-23 10:45:52

Subject: 

60% of Large U.S. Firms Have Completed Assessment Stage

  Link:

http://www.techweb.com/wire/story/y2k/TWB19980422S0004

Comment: 

This is bad news, as usual. Of the firms reporting to the Securities & Exchange Commission regarding their 2000-compliance, 60% had finished the assessment state. Some 15% would not say. The rest were vague.

The California White Paper says that awareness is 1%, inventory is 1%, and assessmnent is 5% of a y2k repair task. You can figure it out. They aren't going to make it.

The U.S. economy is not going to make it.

How do you intend to make it?

This is from TECH WEB NEWS (April 22).

* * * * * * *

A study of financial filings by the nation's 250 largest corporations scuttles any notion that large companies have their year 2000 projects well in hand.

Only 60 percent of companies disclosing year 2000 project information in their Securities and Exchange Commission filings have completed the assessment phase, the first step in preparing a company's systems to handle dates beyond 1999. The study, conducted by Triaxsys Research LLC of Missoula, Mont., also found the total year 2000 expenditure by the 250 companies is expected to be about $33 billion, but only 20 percent of that total has been spent so far, another indication most companies are moving too slowly to address the problem. . . .

What Triaxys found, however, may be only the tip of the iceberg. No information on year 2000 projects was provided by 15 percent of the 250 companies, and 32 percent used such vague language as to leave investors clueless about the status of their projects or the risks involved, noted Steve Hock, president of Triaxsys.

Link: 

http://www.techweb.com/wire/story/y2k/TWB19980422S0004

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