When Hotel Investor Apps (HIA) set out to provide the best hotel-specific financial management software available on the market, we chose to partner with the best ERP platform. To deliver on our promise, HIA wrote original code for hospitality enhancements, such as the most comprehensive daily report in the industry, and we built-on top of the ERP continually ranked as one of the Best ERP products by leading organizations and publications, Acumatica. Acumatica ERP was named a Momentum Leader in Trending ERP Systems, Winter 2022, by G2, and G2 Best Usability Mid-Market ERP Systems Summer 2022.
In this guest blog by John Case, CEO of Acumatica, he shares his thoughts on why businesses that are holding on to “tried-and-true” systems could actually be holding themselves back. Read the original Acumatica blog here.
5 Ways Your Legacy System is Costing You
by John Case, CEO of Acumatica
Today’s businesses are working diligently to keep their businesses relevant in a pandemic-altered marketplace. The pandemic forced many to prioritize their digital transformation plans, which meant replacing their legacy software with modern, cloud-based technologies. But businesses that made it through the worst of the crisis with their “tried-and-true” systems in place are having a hard time letting go.
If your business is one of them, there’s something you should know: Your legacy solution could be impeding your future success.
Legacy Software Costs You
You may feel that you have valid reasons for remaining loyal to your legacy software, but the fact is, they pale in comparison to how much the software is costing you.
1. Lack of Agility
One of the biggest drawbacks of legacy software is its rigidity. Because it’s based on aging operating systems, legacy software is unable to integrate easily and seamlessly with modern third-party applications and is also incapable of providing organization-wide collaboration. This disconnect leads to a lack of agility. And your inability to flex with constant changes hampers your ability to pursue new opportunities.
2. Reduced Productivity
Your workforce is arguably one of your most valuable resources. They’re responsible for serving customers, managing projects, meeting deadlines, and so much more, but if they don’t have the right tool that allows them to accomplish their tasks effectively, they—and your business—suffer. Unfortunately, legacy software is not the right tool. Over time, it slows down and experiences frequent crashes resulting in costly downtime and waning productivity, which directly affects your bottom line.
3. Misspent Money and Time
Downtime and reduced productivity are expensive consequences of relying on legacy software. One survey found that 91% of the surveyed organizations lost an average of $300,000 worth of business when their critical server hardware and applications went offline for just one hour.
Not many businesses can survive this type of loss. Nor can they afford additional IT staff to maintain and repair the past-its-prime business management solution, the expensive replacement parts, or the time spent away from more important tasks.
4. Unsupported Data and Analytics
For businesses in today’s marketplace, the idea that “cash is king” is quickly being replaced with the belief that “information is power.” Data provides actionable insights into the health of the business and into trends that could improve business outcomes.
Tapping into this valuable data requires a system that supports data integrity and modern analytics—something legacy software does not and cannot do. Its inability to unite and synchronize data from every department within an organization as well as data from third-party applications into a centralized location reduces a business’s ability to make timely and informed decisions.
5. Lost Competitive Advantage
Ultimately, your ability to compete is stifled by the inherent limitations found in legacy software. These limitations, including reduced productivity, wasted money, and siloed data, restrict your ability to be an agile business. Being an agile business is imperative for meeting and exceeding customer expectations, and it requires embracing modern technology—such as cloud ERP software—that will allow you to actively respond and adjust to evolving circumstances. By implementing a cloud-based solution, you’ll regain the advantage you lost with your legacy software.
Parting Ways with Your Costly Legacy Software
Loyalty is laudable, but it can be misplaced. The cost of holding on to legacy software, which is not designed for today’s fast-paced digital market, is high. Frustrated employees and dissatisfied customers eat away at your profit, as does maintaining the aging system. It’s time to wish your reliable but obsolete system goodbye and welcome the advantages brought by modern, cloud-based solutions, such as Acumatica.
Hotel Investor Apps ERP & Accounting (HIA) software is the hospitality solution powered by Acumatica ERP. HIA offers hotel and restaurant-specific enhancements such as the most comprehensive daily report in the industry, automated PMS and POS data imports, custom dashboards by job role, and hospitality financial reports to name a few. When you partner with HIA, you not only benefit from the total back-office solution designed for the hotel industry but also the robust functionality of the fastest-growing ERP for 6 years running and repeatedly named most user-friendly ERP by G2. Read more about our partnership with Acumatica here.
To take your business to the next level with real-time data, automated data imports, integrated 3rd party solutions, and intelligent dashboards and reports for more data-driven, profitable decisions, schedule a demo of HIA today.