In recent years, the IT environment has undergone an unrecognizable transformation. Today’s difficulty for IT businesses is that they still rely on traditional legacy systems despite operating in a completely new digital environment. Many of these systems lack the flexibility and agility to adapt to the digital environment. As a result, they fail to perform effectively.
According to Markets and Markets analysis, the growth of IT platform modernization will reach USD 24.8 billion by 2025, growing at a compound annual growth rate of 16.8% from 2020 to 2025. Consequently, it is not unexpected that corporate executives are focusing on creating a strategy for overcoming the shortcomings of legacy systems by modernizing their applications and platforms. However, before we build a roadmap, let us first understand its significance and benefits.
Importance of Modernizing Your Legacy IT Platforms
Running an old legacy platform or out-of-date applications presents numerous issues and difficulties, especially when the system is inefficient in supporting new business objectives. As a result, companies might have to deal with frustrated employees and clients.
Updating legacy systems through platform migration is the best course of action to engage and attract new customers. Additionally, it offers other advantages like time and money savings. Below are a few issues with legacy systems:
- Security threats
- Unstable and ineffective due to the inability to integrate with modern technology
- Information asymmetry
- Very expensive to handle
- Insufficient to satisfy customers’ needs
- Insufficient user friendliness
Now that we know the difficulties businesses encounter while working with legacy systems, let us examine the advantages of platform modernization.
Top 5 Benefits of Platform Modernization
- Ability to Integrate New Services & Features
Every business owner’s first consideration when selecting a software platform for their operation is whether the program will serve their needs, not its features. However, businesses are constantly open to adapting to new trends and technologies. For example, when customers demand modern solutions, companies cannot integrate new features and services into their legacy platforms.
Platform modernization provides the power to businesses to develop new features and services that complement existing business requirements and feature goals. In addition, companies can customize these functionalities to guarantee that legacy platforms keep adding value.
- Aids in Boosting Employee Productivity
Everyone wants to update themselves with the latest technologies in this digital age. However, if you continue to employ outdated software or technology, it will negatively affect your workforce’s productivity by lowering their satisfaction level.
Likewise, a growing business hires more employees. Because of this, training people to operate a legacy IT system is time- and money-consuming. But because of modern technology, it is possible to automate laborious and repetitive tasks and train new personnel quickly.
- Eliminates Technical Debt
Technical debts start to rise when firms are not prepared to upgrade their legacy applications. Instead, numerous issues, including bugs, high application maintenance costs, and lack of scalability, plague the outdated system.
Additionally, because the legacy system’s parts are interrelated, you cannot fix one part without breaking another. It takes much time and has an impact on the technical budget. Thus, modernizing outdated systems is the only solution for enterprises to reduce operational costs and boost annual revenue.
- Improves Customer Experience
Often, the same services and products are being provided by many businesses. What, therefore, distinguishes your company in this crowded marketplace? According to research findings, 86% percent of customers are willing to spend more for a seamless customer experience. This means that a good customer experience is as crucial as fair pricing.
However, old legacy applications hurt customer support; as a result, it is not easy to offer a quick and effective solution using these platforms.
On the other hand, in modern platforms, you can harness the advantage of the cloud environment for easy data migration and retrieval. For example, it is easy to recover all the information whenever required (with just a click), and modern platforms also enable customers to navigate easily through the offerings.
- Enhances Security
Legacy platforms have a variety of security measures that need to be monitored and updated in accordance with the most recent cyber threats. Cloud-enabled modern platforms, on the other hand, have top-notch security features that are incredibly time and money-saving. Consequently, you do not have to do as much work as you would with outdated systems.
Take the Right Cause of Action with Tredence
Although there are numerous methods for modernizing legacy systems, each business must select the one that best fits its strategic requirements.
Based on your present and future company demands, Tredence provides platform modernization and implementation services to help you break down data silos, consolidate insights, and provide complete end-to-end visibility across business functions. Contact us today if you want to boost your speed to value and engage with your customer intelligently with a modern platform.
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