Bridging Legacy Systems: Two Modernization Approaches
As Alvin Toffler put it, technology is the great growling engine of change. Although tech development is inevitable, embracing new tech or “modernization” isn’t that straightforward, especially for sensitive processes like accounting and finance. Finance legacy systems are purpose-built and fine-tuned for specific functionalities, which are often monolithic.
This means legacy modernization must be strategically planned to avoid paralyzing core business operations. Bridging your legacy systems shouldn’t be a case of migrating to the next available fintech software in one fell swoop just because it’s new.
Instead, you should follow a modernization approach that’s the best fit for your company’s internal processes. Let’s discuss the two common legacy modernization methods you can choose to transform your business with new technology.
The Evolutionary Method
Rather than replacing your legacy systems altogether, the evolutionary method proposes a gradual approach where you integrate, optimize, and enhance your legacy tech on the go. This method follows two main procedures:
Migration and Enhancement
Migration is essentially rehosting your company’s data and applications to the cloud. First, you must assess and map out the data and applications most viable for cloud migration, develop a migration strategy, and select a dynamic cloud solution.
Enhancement involves improving your system’s UX (user experience) and UI (user interface) and optimizing your website’s performance.
Migration and enhancement is a less invasive legacy modernization approach, and it doesn’t affect the core architecture of your legacy system. It’s the easiest method of improving your legacy systems over time without disrupting your core finance processes.
Correction and Growth
If your legacy system is somewhat modern and can support your scaling business workflows for the foreseeable future, minor but continuous system corrections will go a long way. These corrections may involve UX/UI updates, code refactoring, performance optimization, feature updates, or architecture optimization.
Correction and growth could also involve building new applications and integrating them with your legacy technology to bridge the functionality gap or leveraging third-party integrations. This modernization method fits the bill when your legacy system is fairly new and doesn’t need a complete reinvention.
The Revolutionary Method
This is the more hardcore legacy modernization method. It’s essentially retiring your legacy system and implementing a complete software reengineering. The revolutionary approach, although extreme, is the best solution when your legacy tech can no longer support your business processes or new product innovations.
Before designing a new system from scratch, you should first review the legacy system features that are most integral to your business operations and prioritize their development. This will prevent system downtime, data loss, security breaches, and potential damage during the transition.
The Right People for the Job
Replacing your legacy technology can be both intimidating and exciting. On the one hand, it’s exciting to migrate your business workflows to a new, agile, and dynamic system that gets things done faster and better.
On the other, it takes a lot of planning and hands-on experience to replace your legacy system without causing system downtimes or disrupting your core business processes. And this is why you need a resourceful partner like Ghost Mountain to find the right executives to guide you through the replacement.
Contact Ghost Mountain today and talk with our executive recruiters to find the best fit for your company’s needs.