There are situations when legacy systems are at least good enough for the time being. And there are times to invest in something new.
Our own Michael Barker is an expert leader on these issues. He suggests you ask yourself a series of questions to help yourself get a GRIP.
G = Growth
Ask yourself:
- Does our technology strategy actively support our growth ambitions?
- If a buyer or investor looked under the bonnet tomorrow, would our systems help or hinder a deal?
Outdated, poorly understood systems and processes may be inhibiting your growth. And any sale, acquisition, or investment round will trigger technical due diligence. These systems will have a negative effect on your valuation.
R = Risk
Ask yourself:
- When did we last assess our exposure to a major system failure or cyberattack?
- Which critical processes rely on one or two individuals, and what happens if they leave?
Legacy platforms attract greater cyber risk and can make insurance renewals more difficult and expensive.
Old systems fail more frequently and recover more slowly. Hidden or informal processes create risk. Is this the situation in your business?
I = Innovation
Ask yourself:
- Could we use AI effectively today, or does our data make that impossible?
- Are our competitors moving faster because they are more agile?
AI and modern analytics require clean, accessible, well-structured data, which legacy systems and manual processes rarely provide. If your core platforms can’t surface data to new tools, you can’t compete with businesses that can.
P = Performance
Ask yourself:
- How many critical processes live in spreadsheets that have to be dealt with manually?
- How long does it take us to make a change that should be straightforward?
Systems built for the business you were will rarely serve the business you’re trying to become. They can also be a source of frustration for your best people, who may be bogged down in time-consuming tasks.
What to do next
If going through these questions shows that legacy systems are creating risk in your business, inhibiting growth, or damaging value, it’s time to upgrade.
Often it comes down to a question of IT leadership: mid-sized businesses do better when they have someone independent who understands the tech and your specific business goals. Emphasis on independent – Freeman Clarke fractional IT leaders, for example, make no arrangements with third parties, so you can be sure their advice is in your best interests.
You might start with our IT assessment for growth. It’s a brief, efficient discussion about your current systems, business applications, data, and cyber security status. It takes only two hours, and then we’ll provide ideas for how your business can get started on building a platform for growth.
For more information and to book your session, see our page on the IT assessment for growth. We’ll be happy to help.