Upgrade Available: Why Now Is The Best Time To Update Legacy Software

Ditch The Outdated, Seek Innovation

Author

thinkbridge now
August 18, 2023

I talked to a prospect the other day who spent 29 of the 30 minutes that we scheduled together, undressing his software partner. It felt like an arraignment hearing. A list of grievances followed by a letter to Santa. 

I had to ask him why he felt so comfortable sharing this. He said, “We’ve had a 10-year relationship with them. Little has changed with the product, and our business is suffering. Also, because I’m hoping that someone will finally listen.” Ouch. 

It’s important to remember that your customers rely on your software to function not just daily, but literally minute to minute. As their business evolves, they are looking for their partners to not only help them keep that momentum but to stay ahead of it. 

If your customer retention strategy is still tied to “long-standing relationship, 70+ years of expertise, and preferred pricing,” you’re already at risk.  

Now, we all know that modernizing products is never easy. There are layers of customer history, requests, customizations, etc. It takes time, money, and thoughtfulness. 

And this is why now is the best time in recent history to fix it. 

Down Markets Create Our Next Generation of Winners 

  • The free-money era is over. So is the never-ending stream of FOMO that free money harbored in tech. Why is this important?  

  • 1) When money is tight, you fixate on keeping what you have (e.g. customers who pay you). By recentering your focus on the list that “never got done” and solving real business problems for your customer, you set your customers up for the next boom. 

  • 2) “If it ain’t broke, don’t fix it” will be said by many of your competitors who take the conservative position. Do the opposite and move up in the competitive hierarchy.  

  • 3) Future-proof yourself while you have the time and everyone else is in protect and preserve mode. 

     

Modernization Thrives In The Greentech Space 

Organizations are slowly starting to realize the profitability of Greentech. The market’s projected value by 2030 is a staggering $70 billion USD. However, there are big players in this space that still rely on outdated software platforms. 

Depending on platforms that have gone past their expiration date is a recipe for disaster. The upgrade and modernization of these legacy platforms enables organizations to rapidly embrace new opportunities.  

By embracing contemporary technology, businesses can stay on the cutting edge of innovation and acquire new clients even in this new era of software development.  

We had a client who needed an upgrade, so we provided the exact platform they wanted while utilizing AI and ML. This is just one example of how a modernized platform can impact a business’s ability to scale and increase profitability. 

Take The Plunge 

It’s understandable to be a little trigger shy when deciding on upgrading a legacy software platform. There’s a host of hoops to jump through and obstacles to overcome.  

That doesn’t change the fact that embracing defensive, slow-moving mindsets inherently inhibits your ability to future-proof yourself. 

Upgrading an existing platform doesn’t need to be an anxiety-inducing process. Learn how to begin this process and what strategies to utilize here. 

Labor Market Lunacy 

This is the most complex labor market we’ve seen in our lifetimes as dynamic incentives become the norm and attention spans shorten. In this environment, immediate gratification lessens the viability of long-term expansion. 

The ebb and flow of employer vs job seeker markets means businesses need to be adaptable to create differentiation. HRTech is a formidable player in this modernization movement with $12 billion (VC) invested in 2021, triple the investment in 2020. 

Promising ideas initiate investment, and the usage of modern platforms creates the foundation on which organizations can scale and innovate. This market, like many others, is rife with opportunity for those willing to take the leap. 

Financial Service Companies Need Modernization 

There are organizations in the financial services industry still relying on platforms built in the 90s. It’s hard to expect businesses to make the great leap into modernity without any guidance, but putting Band-Aids on a dying system isn’t a sustainable strategy. 

These old systems don’t integrate new tools well, are a pain to secure, and place enormous financial burdens on organizations struggling with upkeep. Modernization is the solution. 

FinTechs are taking the space by storm and making money doing so. Some organizations were used to monopolies and have been relying on systems that weren’t fully optimized. Now they’re paying the price. 

Poll: What’s prevented your organization from upgrading its legacy software platform?

Helpful Links 

Check out our website for more insights. 

Interested in becoming a think’er? Check out our careers page. 

Update your email preferences or unsubscribe here 

© thinkbridge tech talks 

6500 River Place Blvd
Austin, Texas 78730, United States of America