Today’s businesses are working diligently to keep their businesses relevant in a pandemic-altered marketplace. The pandemic forced many to prioritize their digital transformation plans, which meant replacing their legacy software with modern, cloud-based technologies. But businesses that made it through the worst of the crisis with their “tried-and-true” systems in place are having a hard time letting go.
If your business is one of them, there’s something you should know: Your legacy solution could be impeding your future success.
Legacy Software Costs You
You may feel that you have valid reasons for remaining loyal to your legacy software, but the fact is, they pale in comparison to how much the software is costing you.
1. Lack of Agility
One of the biggest drawbacks of legacy software is its rigidity. Because it’s based on aging operating systems, legacy software is unable to integrate easily and seamlessly with modern third-party applications and is also incapable of providing organization-wide collaboration. This disconnect leads to a lack of agility. And your inability to flex with constant changes hampers your ability to pursue new opportunities.
2. Reduced Productivity
Your workforce is arguably one of your most valuable resources. They’re responsible for serving customers, managing projects, meeting deadlines, and so much more, but if they don’t have the right tool that allows them to accomplish their tasks effectively, they—and your business—suffer. Unfortunately, legacy software is not the right tool. Over time, it slows down and experiences frequent crashes resulting in costly downtime and waning productivity, which directly affects your bottom line.
3. Misspent Money and Time
Downtime and reduced productivity are expensive consequences of relying on legacy software. One survey found that 91% of the surveyed organizations lost an average of $300,000 worth of business when their critical server hardware and applications went offline for just one hour.
Not many businesses can survive this type of loss. Nor can they afford additional IT staff to maintain and repair the past-its-prime business management solution, the expensive replacement parts, or the time spent away from more important tasks.
4. Unsupported Data and Analytics
For businesses in today’s marketplace, the idea that “cash is king” is quickly being replaced with the belief that “information is power.” Data provides actionable insights into the health of the business and into trends that could improve business outcomes.
Tapping into this valuable data requires a system that supports data integrity and modern analytics—something legacy software does not and cannot do. Its inability to unite and synchronize data from every department within an organization as well as data from third-party applications into a centralized location reduces a business’ ability to make timely and informed decisions.
5. Lost Competitive Advantage
Ultimately, your ability to compete is stifled by the inherent limitations found in legacy software. These limitations, including reduced productivity, wasted money, and siloed data, restricts your ability to be an agile business. Being an agile business is imperative for meeting and exceeding customer expectations, and it requires embracing modern technology—such as cloud ERP software—that will allow you to actively respond and adjust to evolving circumstances. By implementing a cloud-based solution, you’ll regain the advantage you lost with your legacy software.
Parting Ways with Your Costly Legacy Software
Loyalty is laudable, but it can be misplaced. The cost of holding on to legacy software, which is not designed for today’s fast-paced digital market, is high. Frustrated employees and dissatisfied customers eat away at your profit, as does maintaining the aging system. It’s time to wish your reliable but obsolete system good-bye and to welcome the advantages brought by modern, cloud-based solutions, such as Acumatica.
Acumatica is built for the exacting standards of a digital economy and an evolving customer base. It’s the right tool for carving out success for you and your team. To learn more about becoming a connected business with modern, cloud ERP software, contact our team today.