What does it truly mean to upgrade your technology infrastructure or change platforms? When is it worth the effort? And what does a successful transition look like?

Legacy and point systems were commonly designed to handle specific datasets and functions. To avoid significant investment in upgrades, organizations commonly resorted to layering new solutions on top of old ones, creating a tangled network of systems and processes and inhibiting teams from managing information efficiently. Research estimates 40% of enterprise data management platforms are still legacy.¹

While the time and cost savings may have made sense at one point, technology leaders are now coming head-to-head with the limitations of their current systems. Constraints — such as limited agility or minimal customization options — can lead to costly upgrades and operational inefficiencies.

However, many tech leaders find their firm paralyzed by fear of change, opting to patch infrastructure with temporary fixes rather than embracing a full transformation.

Change can be hard but don’t let trepidation of implementations prevent you from moving systems. To get the most value, firms must be ready to integrate fit-for-purpose systems with accessible data.

5 signs your systems need an upgrade

Fast-moving markets, changing regulations, sustainability expectations, and the role of artificial intelligence are all likely to feature in future financial ecosystems. Data-led processes supported by modern financial data platforms will be critical to staying competitive. Yet, underinvestment in core applications may leave firms unequipped to integrate the advanced technologies imperative to meet shifting industry expectations.

To embrace the opportunities of digital transformation, your firm must understand the degree to which key factors impact your processes, products, and people.

Consider these factors when evaluating your systems:

Elevated security risks
Hampered digital modernization
Inconsistent or declining performance
Integration compatibility
Decentralized data silos

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How can your firm overcome legacy data challenges?

Cloud-based, software-as-a-service (SaaS) platforms offer a unified approach to automating the investment lifecycle. With opportunities to lower total cost of ownership, scale business, and improve agility, organizations can streamline operations and adapt to the changing landscape. The transition to modern financial data platforms allows firms to address the challenges of data aggregation and reporting. Modern systems also foster greater agility.

Cloud-based platforms can free data from silos so that teams across your firm can access the information they need to inform decision-making. When data is centrally hosted, managed, and distributed, you gain confidence that all teams are working from the same “true” source of data. Modern platforms can also offer the benefit of self-service tools that enable users to create and access the applications that drive performance.

SaaS lessens the need for organizations to maintain and run applications on their own computers or in their own data centers. Using a cloud-based platform eliminates the expense of acquiring hardware, creating, and setting up IT infrastructure and maintenance. SaaS platforms also help eliminate the need for software licensing, installation, and support. With a SaaS partner, firms can skip the costly and oft-painstaking process of periodic upgrades to new systems.

There are other benefits, including:

More predictable costs
Scalable usage
Up-to-date technology
Accessibility and persistence
Customization and integration capabilities

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