Business.com has just published a new article about the cost of staying updated.
Many CIOs and IT managers prefer to stay on legacy systems, assuming that staying constant is cheaper than change.
However, according to recent analysis by Business.com, staying behind has a clear cost. Some of the considerations of upgrading include:
- Downtime during an upgrade project
- Required hardware and networking upgrades
- Data migration
- Lost productivity
There are many considerations, further explained in Panaya’s whitepaper about ERP agility. It provides key insights to help ensure that IT isn’t a business bottleneck and you can stay up-to-date, while keeping costs in line.
Staying upgraded and using the latest technological capabilities offers significant competitive advantage. For example, hotels and businesses have to offer reliable and strong WiFi in order to attract guests. Richard Solomons, CEO of the InterContinental Hotels Group, said: “We’ve done a survey that showed 43 percent of guests say that they won’t stay in a hotel if it doesn’t offer free Wi-Fi.”
Staying up to date with technological changes is critical to your business. The digital transformation directly impacts your bottom line.
Of course, as business.com points out, there are several ways to evaluate an upgrade and change project.
- Perform a rough analysis of costs, upfront as well as hidden.
- Identify and detect risks through change analytics.
- Calculate ROI of ERP and other software upgrades to see how soon you can start seeing rewards.
- Weigh the rewards and risks.
- Most importantly, remember Murphy’s Law and make sure you are well prepared for the worst outcomes.