A piece in Coverager makes the case that sticking with your company’s legacy technology may actually be more expensive than the cost of updating your systems and processes and points out 7 ways that outdated technology may be limiting your company’s ability to keep up with the competition.

The potentially burdensome aspects of some legacy technologies highlighted in the article are 1). Hindering customer service capabilities with more limited functionality, 2). Dragging down data input (especially if manual) and claims processing speed, 3). Creating data silos that obstruct your ability to get a complete view of any given customer profile, 4). Complicating the process for staying up-to-date amid a dynamic regulatory environment, 5). Diluting the effectiveness of some cybersecurity processes and protocols, 6). Prohibiting integration with certain types of emerging technologies and platforms, and 7). Increasing maintenance costs while restricting innovation. 

You can check out that piece here for more detail.