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"Therefore, it is not so easy to simply jump to new technology because the logic behind existing systems may be so poorly understood and documented that a jump to a new system would entail significant business risk. Most CEOs regard IT as a back office function, not as a source of potential differentiation or competitive advantage. CIOs get the call when systems are broken and system migrations go poorly but usually just a quick slap on the back when things go well. In other words, there is often an asymmetry between the risks and rewards of a major systems renovation tilting the default toward inaction."

This.

Also, while the gradual move to the cloud will definitely hurt certain segments of IBM (mainly the big mainframe hardware segment), there are certain segments of IBM that will benefit from companies moving into the cloud (the consulting and software segments). I am not saying the benefiting segments will completely offset the declining ones (they probably won't), but it isn't like the whole company is likely to go extinct.
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