Changing your existing software may seem complex and even scary when considering training time constraints and what you may lose out on by not capitalizing on your investment. However, holding onto legacy software comes with adverse costs that aren’t always apparent.
Outdated software applications can hurt your business by wasting time by slowing down production, wasting money in the long run, and even increasing vulnerability to security threats. Thus, it’s key to know when it’s time to make a change. Here are a few tips to know when you should upgrade your software.
1. It Costs More to Maintain It Than to Change It
While upfront costs are a valid concern, it may end up costing you more by avoiding upgrading in the long run. That’s because maintenance costs can take up a large portion of your budget. Research indicates that maintaining legacy software can take up as much as 75 percent of the IT budget for companies in the finance industry. Also, costs may increase as less support is available. Therefore, it’s important to compare the long-term costs of maintaining legacy software versus upgrading it.
2. Your Software Application is Inefficient
Your resources are a critical component of staying relevant, agile and innovative. However, legacy software can hamper the process if it’s slowing down production. Inefficient software also wastes money and hampers growth. One 2017 Trackvia survey indicated that 66 percent of its 500 respondents named legacy software as a cause for negatively impacting company growth.
Moreover, if your software application cannot scale with your business as it grows, you can be missing out on potential sales that can improve your bottom-line profits. However, upgrading software can carry positive long-term savings in time and money. It helps you save time and maximize profit potential with scalability via efficient production and helps you to avoid hampering the customer experience and losing customers. Thus, if your application is slowing down progress, then it’s time to consider modernizing it by upgrading.
3. Your Security Risks Have Increased
Outdated software and legacy systems are a hacker’s playground. That’s because many of these outmoded applications often cannot identify and fix vulnerabilities, which ends up hurting your online security and putting sensitive data at risk. Data breaches are also costly and prevalent. Research shows that data breaches cost businesses a total of $3.62 million on average in 2017. There was also a 1.8 percent increase in the size of data breaches. If the risk of keeping legacy software outweighs the value it provides, then it’s time to make a change and upgrade.
4. Your Software Lacks Mobile Capabilities
Smartphone devices have ushered in a new era of what it means to be agile and user-friendly. Applications and software that can respond to the device that’s being used can make a difference in whether a consumer continues to utilize your products or service.
Moreover, today’s modern applications are shifting from being simple software with predictable insights to robust, “dataware” applications of intelligence that leverage machine learning to deliver valuable insight in real-time for data-driven decision-making. As mobile device use increases, these “dataware” applications will become more crucial to business success. But if your legacy software is still struggling with adjusting to accommodate mobile devices or isn’t driving valuable insight, you’re missing out on a grand opportunity.
Staying ahead of the competition requires software that is modern, flexible, and agile. That’s why it’s key to upgrade your legacy software system if you know it’s holding your business back. You don’t have to do it on your own, either. Consider taking advantage of the expertise of a professional U.S.-based software development that can help you modernize your software system, such as Specific-Group. Specific-Group will let you know how to upgrade your software system so your business won’t miss out on saving time and money in the long run.