The following myths are undermined by this report:
1. Large companies will solve their y2k problems; small ones are far more at risk.
2. Putting y2k money in the budget for next year will solve the problem.
3. Good, old fashioned American ingenuity will solve y2k.
4. The free market will take care of y2k.
5. If there were a y2k problem, the stock market would have reflected it by now.
This appears on SAP's site. SAP is a mainframe software manufacturer. If every legacy computer had been converted to SAP software by 1995, the y2k problem would be solved, except for embedded chips and noncompliant PC's. That is to say, it would not be solved, but it might conceivably be solved. We'll never know.
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Two out of three companies still don't have a detailed year 2000 plan
Of those companies with plans, only one in five are executing them
75% of companies will spend between 21% and 30% of their 1998 IT budget on year 2000
82% of companies claim they have underestimated their year 2000 costs
38% of companies haven't developed contingency plans
Base: 108 Fortune 500 companies