Analytics Migration – A Wall Street Perspective on Legacy Risks and Modernization Rewards

Thought Leadership | May 6, 2025 | Kal Das, Lalit Bakshi

Wall Street's Guide to Analytics Modernization

Understanding the Cost of Legacy BI Systems

Strategies for Financial Data Transformation

The Future of Analytics in Capital Markets

The Business Case for Modern BI Platforms

Key Risks of Operating Legacy Systems

Migration Best Practices from Financial Institutions

Realizing ROI Through Modern Analytics

Aligning Analytics Goals with Business Outcomes

Enhancing Data Governance During Migration

Supporting Scalable, Secure Financial Reporting

Lessons from the Frontlines of Wall Street BI

We’ve seen it time and again: old technology holding businesses back when they need to move fast. Recently, I reconnected with my Harvard classmate Kal Das, a prominent Wall Street lawyer at Greenberg Traurig, who along with two of his partners, Ejim Achi and Adam Namoury spearheaded his firm’s advisory role in the $755 million acquisition of Owens Corning’s glass reinforcements business by Praana Group – a deal announced in February 2025.

This milestone celebrates Kal’s expertise while spotlighting a pressing challenge with similar deals in today’s markets: legacy systems. Outdated technology isn’t just a technical burden – it’s a strategic and legal liability that can make or break businesses.

Together, we’re co-authoring a two-part series to unpack this intersection of technology, strategy, and law. In this first instalment, we explore how USEReady is disrupting the modernization landscape, tackling the operational inefficiencies, legal risks, and hidden costs of clinging to legacy systems.

Legacy Modernization, Cost of Analytics, and AI Readiness

At USEReady, we’re redefining how enterprises leverage data and AI – not just upgrading tech but transforming operations for a future where analytics and artificial intelligence reign supreme. For over a decade, we’ve freed Fortune 500 companies from the constraints of legacy systems, pushing them towards scalable, modern platforms like AWS and Salesforce. Our MigrationWorks program, powered by accelerators like MigratorIQ, STORM and Pixel Perfect streamlines these transitions, slashing timelines and costs while preparing data for the AI-driven world. We have helped fortune 100 clients with legacy systems like Hyperion Brio (No longer supported by Oracle) and MicroStrategy (Flagged by RISK departments because of financial volatility) to name a few.

In large enterprises where innovation is non-negotiable, legacy systems are a handicap. They stifle integration with cutting-edge tools, inflate expenses, and expose companies to risks that threaten growth. We’re flipping this narrative, delivering seamless modernization that empowers businesses to thrive with advanced analytics and setting the stage for what’s next.

Legacy System Risks: A Three-Part Problem

Legacy systems pose a triple threat: operational inefficiencies, legal vulnerabilities, and a massive human infrastructure burden.

First, outdated platforms – think unsupported products can’t handle today’s data demands or integrate with modern ecosystems. This leads to data silos, excessive spending on upkeep, and zero readiness for AI. Every day we talk to large enterprise customers (think world’s largest banks, public sector firms, manufacturers, airlines) still running critical operations on these relics, racking up huge total cost of ownership (TCO) while courting enormous risks.

Second, the legal risks. In my work navigating Wall Street deal rooms, unsupported or high-RISK systems, stand out as glaring red flags during due diligence. These platforms invite a cascade of issues – regulatory fines from non-compliance with laws, contractual disputes when integrations fail, and depressed valuations as buyers bake in the hefty costs of modernization or wrestle with successor liabilities. In deals these risks can tip the scales, slashing business value when legacy baggage piles up or boosting it when AI-ready systems signal growth potential. Modernization isn’t just a strategic move; it’s a valuation game-changer that boards and investors can’t ignore.”
– Kal Das

Third, there’s the people problem. Legacy systems demand a sprawling human infrastructure – often outsourced – to keep them limping along. Cost models from 20 years ago, built for manual reporting and basic intelligence, are obsolete. Today, supporting these dinosaurs drains resources and talent, a hidden expense rarely tallied in TCO. Banks slashing headcounts to boost efficiency still hemorrhage cash propping up old tech, a paradox that frustrates CIOs and boards alike. Clinging to legacy systems that perpetuate inefficiency, legal exposure, and human overheads means overspending on yesterday while missing tomorrow’s AI opportunities.

Modernization Rewards

USEReady doesn’t just modernize – we align technology with business imperatives, breaking silos and future-proofing enterprises. Our MigrationWorks program, bolstered by accelerators like MigratorIQ and STORM, drives seamless shifts to hyperscalers like AWS and Salesforce. We’ve seen banking clients halve reporting times and manufacturing firms optimize supply chains, all while dodging the pitfalls of half-baked, manual migrations. This isn’t about tools – it’s about outcomes: efficiency, compliance, and readiness for what’s next.

As a Wall Street lawyer, I see modernization not just lightening the operational load but cutting down legal exposure by replacing vulnerable, outdated platforms with robust, compliant ones. This is mission-critical in high-stakes deals where due diligence can unearth issues like unpatched systems ripe for breaches or regulatory non-compliance that could derail a transaction. I’ve advised clients through enough M&A firestorms to know that a company’s tech stack can be its Achilles’ heel or its golden ticket.

From our respective vantage points, the math is pretty clear: legacy systems erode value, while modern, AI-ready platforms multiply it, often at multiples that make investors sit up and take notice.
– Kal Das

Looking Ahead to AI

Modernization isn’t the finish line – it’s the launchpad for a transformative leap forward. By retiring legacy systems, businesses unlock the power of AI-driven analytics.

In our next instalment, we’ll dive into the heart of AI readiness, exploring how it reshapes enterprises across industries. Think specialty chemicals optimizing supply chains or financial giants predicting market shifts with uncanny precision. We’ll spotlight real-world examples of innovation.

This isn’t just about keeping up; it’s about leading the charge in a world where data and AI are the new currency.

Stay tuned!

Kal Das

Kalyan “Kal” Das is a Wall Street lawyer and shareholder at Greenberg Traurig, LLP, specializing in banking, structured finance, asset securitization, and corporate restructuring. With over three decades of experience, he has advised financial institutions, private equity firms, and investors on complex transactions, including Praana Group’s $755 million acquisition of Owens Corning’s glass reinforcements business. A graduate of NYU Law and Harvard Business School, Kal also serves on the Board of Trustees of Skidmore College and the NYU Law School Alumni Association.

About Greenberg Traurig, LLP

Greenberg Traurig, LLP is a global law firm with 49 offices worldwide and 2,850 attorneys providing expertise in corporate law, finance, M&A, and restructuring. Consistently ranked among the Am Law Global 100, the firm is known for its client service, innovation, and philanthropic efforts. In 2024, it was recognized as a BTI “Leading Edge Law Firm” for its forward-thinking approach to legal counsel.

Lalit Bakshi

Lalit Bakshi is the Co-Founder and President of USEReady, an NYC-based data, analytics, and AI solutions firm helping enterprises modernize business intelligence. He has led Fortune 500 companies through legacy BI migration, compliance, and AI transformation, ensuring they stay competitive in an AI-driven world. In 2022, he was accepted into the Forbes Business Council, recognizing his leadership in driving business growth.

About USEReady

Founded in 2011 in New York, USEReady provides businesses with the strategies, tools, and capabilities to transform their data into a competitive advantage. As a trusted partner to Fortune 500 organizations, USEReady guides enterprises through their Migration, Optimization, and Modernization journeys. The firm specializes in Visual Analytics, Cloud Data Engineering, AI, and Product Engineering, serving industries like Financial Services, Healthcare, Manufacturing, and Retail.

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