Top Ten Problems Solved by Infor SunSystems Cloud in the Financial Services Sector. Problem #8: High Overhead due to Legacy Systems
This is the eighth in our series of blogs highlighting ten of the most common challenges faced by finance teams in the financial services sector. In our last blog, we examined risks associated with data privacy. In this blog, we focus on the high operational overhead associated with legacy systems in financial services.
The problem with legacy systems in financial services
Legacy systems are, as the name implies, a hangover from former times. They may have been inherited following a company merger. They may simply be systems that have been in place for many years.
These systems are not inherently bad; they may still support your business needs. They are, however, often more costly to maintain. They frequently require more time, people, and manual effort to function.
In financial services, legacy systems also represent a compliance risk. Inefficient manual processes have the potential to delay reporting. They are also more likely to result in errors.
Symptoms of a legacy system
Legacy systems are often on-premise deployments requiring costly IT infrastructure such as servers, office space, and specialist IT support. The move to Cloud has been driven by a desire to get away from this kind of infrastructure.
Another common problem is that systems decay over time. People move on and expertise is lost. Loss of expertise can mean that new requirements are incorporated inefficiently. There may be manual processes used to produce a new report or new integration, for example. Over time, the business case for that system is weakened. Confidence is broken.
Sometimes all a legacy system needs is a bit of investment. Perhaps an update to the latest version of the application, or some training. Sometimes, particularly in cases where there is no Cloud upgrade available, there is no alternative to wholesale change.
Lower finance operational costs with SunSystems Cloud
The first thing to say about SunSystems Cloud is that it is the upgrade path for all users of earlier version of SunSystems. SunSystems Cloud is a true multi-tenant Cloud Software-as-a-Service. If you are using SunSystems and you want to upgrade to the Cloud, you can.
An important feature of SunSystems Cloud is that it removes any possibility of falling behind with updates and features. Software updates are applied automatically. Everyone remains on the latest version of the solution.
SunSystems Cloud lowers operational costs by removing the need to maintain costly IT infrastructure.
Of course, there are other reasons to upgrade to the Cloud. Principal amongst them is that your subscription grants access to a broader range of modules with which you can further automate processes and strengthen financial controls.
An example:
Infor OS helps financial services organisations eliminate manual processes by automating approvals, notifications, reconciliations, and workflow tasks across the finance function. Combined with SunSystems Cloud, it streamlines operations, strengthens governance, and reduces the administrative burden associated with regulatory compliance and financial controls.
Take the next step
These are just some of the ways that Infor SunSystems Cloud from LAKE could help your organisation. To find out more, download a copy of our SunSystems Cloud Beginner’s Guide – Commercial.
In the next blog in this series, we look at forecasting in an uncertain market.
By Jon Isherwood