Many businesses are hesitant to switch from previous data strategies to new, updated systems. They’re concerned that the process is expensive and time-consuming. However, if you’re using outdated legacy systems or cloud systems without updated strategies, they may be holding your business back as well — costing you time and money.
So, how do you know when it’s time to modernize your systems? Here are four signs that your legacy data and analytics are no longer suitable for your organization:
1. You Have Limited Access to Your Analytics
Your organization has a massive amount of data about your customers, your business operations, and more, but if you don’t have access to it, that data is being wasted.
Since legacy data is outdated, it may not provide you with full access to the information you need. Not being able to effectively use your data can cause direct issues for both businesses and their end-users. For example, an organization with delayed processing times may not be able to have a quick view of their customers or their insights about them, causing the customer to look for competitors with similar services. While this is a business frustration for many organizations, it can be crucial for those in certain industries, including healthcare.
Without full access to your data, your organization is losing time and money by not being able to make data-driven decisions. By creating a data strategy that works for your organization, you’ll be able to make your analytics easily accessible to your team. This can help them make more efficient decisions that promote your business goals and keep your customers happy.
2. Reporting and Analytics Are Time Consuming
If your reporting and analytics processes are time-consuming for your team members, it’s likely that your current data systems and strategies are preventing you from moving forward.
With today’s cloud-based technology and efficient strategies, reporting and analytics can be quick, accurate, and relevant to your business strategy to help you reach your goals. For example, if your team is unable to run reports, gather insights, and analyze data in a timely manner, they’re likely being held back by systems that don’t support modern business needs. When a number of these tasks take longer than expected to accomplish, your team can get held up and have to delay certain decisions.
In order to maximize productivity while gathering reports and quickly making informed business decisions, your organization needs a modern data solution that meets its specific business needs.
3. You’re at Risk of Using Inaccurate Data
Whether you’re worried or have already faced the consequences of using inaccurate data, this concern is a sign you should evaluate your current strategies and infrastructure.
With multiple sources of data coming into your organization, you want a strategy that allows you to gather, evaluate, and ensure the accuracy of your data. By adding logic and other parameters to your incoming data, you can centralize it to create a single source of truth (SSOT). With an SSOT, you can provide accurate, outgoing information that can be used by your organization to make data-driven decisions.
4. You Have Excessive TCO
Total cost of ownership (TCO) is the entire amount that an organization spends to operate, manage, and update a system. This is an ongoing, overall cost that, for your data strategy, will include infrastructure, management, and maintenance costs, just to name a few. One key element to include within your organization’s TCO is time spent implementing, managing, or improving these systems.
If your organization has a high TCO or rate of time spent on data management, analytics, and related tasks, it may be time to migrate and modernize your strategies. With data solutions that are built for your organization, you can save time, reduce TCO, and improve your business overall.
Take Your Business to the Next Level With Data Modernization
Whether your team is seeing time-based constraints that revolve around data or there are concerns about inaccurate data consumption, it may be time to assess your current legacy data solutions and begin the modernization journey.
A migration and modernization strategy can transform your organization and help you keep up with our ever-evolving digital landscape. These strategies help connect your team while allowing your organization to:
- Break free from inefficient technologies and architectures.
- Reduce time and effort in managing infrastructure.
- Innovate faster and realize targeted business outcomes.
- Reduce licensing costs and total cost of ownership (TCO).
Organizations are migrating and modernizing their existing analytics workloads at scale in the cloud to secure these benefits — and more. Get started on your own modernization journey with Onix today!