Now that we’ve discussed the symptoms and false positives of legacy systems, let’s iron out why your business might need to embrace modernization.
After all, such fundamental projects rarely go unnoticed for the company’s budget, and you need to line up all the facts and figures to convince stakeholders and investors.
Outrun the Competition
Well-run companies are always looking for ways to run their business more effectively. And in the age of digital disruption, when innovative technologies like blockchain, IoT, and artificial intelligence abound, this pace only intensifies.
- Release superior products to market or update products and services faster.
- Secure your IT infrastructure by bahamas phone number data implementing the latest cybersecurity best practices.
- Increase your employees’ morale and customers’ satisfaction with better products.
- Turn your legacy solution into a future-proof one by making it available for integration via APIs.
Case in point: One of America’s Best Executive Recruiting Firms has been growing its database of candidates 3x faster after Velvetech completed a legacy app modernization project for them.
Cut Hidden Costs
One of the obvious reasons to modernize your what are some available tax incentives software is to cut hidden costs. Let’s take a quick look at the most common factors that come with significant costs and challenges:
|
Factor
|
Challenge
|
|---|---|
| Maintenance and support | Frequent updates may lead to conflicts, thus requiring much time and money to fix. In the long run, it can cost way more than the initial development process. |
| Integration | Connecting a legacy system with a third-party tool is challenging, with no guarantee of smooth operation. |
| Compliance | Meeting industry regulations can be costly and tough, yet it’s the only way to avoid hefty fines and maintain trustworthiness. |
| Security | On average, a data breach costs $4.88 million globally. This makes security a major risk for businesses, especially those with old solutions. |
| Agility and efficiency | While modern technologies can significantly boost product efficiency and reduce operational costs, old software isn’t flexible enough to adapt to innovations. |
Obviously, an outdated solution risks being kicked out of the competitive market. Meanwhile, with the right legacy system modernization approach, you may both cut costs and keep your product relevant in the marketplace longer, even if it’s not the most innovative one.
In particular, you may consider the b2c phone list following steps to optimize your budget:
- Package more into your offering for the same price point by optimizing business processes.
- Regroup resources to make sure everyone is working on adding value.
- Spend less on staff training.
Case in point: A healthcare consulting firm reduced its operational costs by 30 percent after Velvetech modernized their old software and migrated it to a new CRM platform.
Address Organizational Changes
It’s quite often the case when companies need to embrace new processes due to an acquisition or a merger. This environment is probably the optimal position for newly appointed CEOs or VPs of Technology to take charge and spearhead the initiative of legacy system replacement strategy.
