IS YOUR VENDOR USING OLD TECHNOLOGY?
For most businesses, technology is something of a double-edged sword. On the one hand, it helps you run your business and remain competitive. On the other hand, updating hardware and software requires ongoing investments costing you time and money.
Technology is evolving rapidly. Something that's state-of-the-art today may be obsolete in a year or so. Learning how to use new tools, especially when you're comfortable with what you're used to, can be time-consuming and frustrating. Plus, implementing a new infrastructure can be costly and has the potential for major business interruptions.
No wonder so many businesses hold onto legacy systems far longer than they should. But, keeping around outdated technology can actually increase costs and decrease productivity. If your vendor is using outdated technology, they could be passing those costs on to you with less than desirable productivity being fulfilled.
Installing a new piece of software in a business setting isn't like installing one on your home computer. You need to move data from one platform to another, and train people to use the new solution. These are understandable concerns. However, it's also true that the benefits of replacing outdated technology far outweigh the risks of keeping a legacy system.
Some of the risks associated by utilizing old technology:
Decreased security is a huge concern when it comes to using legacy systems.
If your business is under stringent regulatory compliance requirements, the cost of outdated technology can have serious repercussions especially when you choose a vendor to relieve your team so you are able to focus on your core business.
Older software and hardware have increased failure rates.
"Old" and "new" technology very rarely work together.
Mobility and remote security is impaired when using legacy systems.
Legacy systems inhibit business scalability and growth.
When you consider all of this, does it make sense to hang on to a vendor with outdated technology just because you want to save a little money? The answer is simple - It doesn't.
Richmond Monroe takes pride in forward thinking and being prepared for the vast changes in our industry. We utilize the most robust, comprehensive, cloud-based technology for document management to assist our clients with collateral file review, document preparation of releases, assignments, allonges and more. Our technology also allows for live, up-to-date county requirements for easy document recording for our clients. Since the technology is a cloud-based system, it provides a unique disaster recovery solution that utilizes the industry expert in cloud-based security with Microsoft Azure. All of these new advancements allow for an increase in speed, quality and cost efficiency for our clients.
