Migrate or refresh? An Enterprise Performance Management (EPM) technology refresh cycle can be daunting, but it is the perfect opportunity to consider what now best fits your organization. You can do nothing and continue without support, go through what can be a major migration, or refresh with a best-in-class alternative.
What exactly is Tech Refresh? It is a periodic updating or replacing essential tools to ensure your organization is getting top performance and value. Over time, organizations often find themselves with a fractured ecosystem of different IT products. They may seek to consolidate or replace when a particular tool is no longer the best fit.
It’s also not uncommon for large vendors (with a lot of power compared to individual customers) to put pressure on to move from current tools to new ones. They know that as systems age, periodically customers can begin to scan for new solutions. If they get in first with an “upgrade” (that may mean new licensing, major financial re-investment and sometimes a complete rebuild and expensive new implementation), this keeps the customer locked in for a few more years.
That’s why a tech refresh of your EPM is the opportunity to assess what best-in-class software solution is the right choice. Why? Because moving away from outdated legacy technology future-proofs your organization. Let’s take a closer look at what that means:
Top reasons why you should choose the best-in-class EPM solution:
- Understand that costs are fully amortized over time. You have recovered your investment.
- Business needs change over time. Companies and teams change. What you needed five or ten years ago are not the same needs of today.
- New and best-in-class solutions are more flexible and more sophisticated, particularly with new innovations like AI.
Key considerations to refresh with best-in-class
Software End of Support and End of Life announcements from vendors can be a tricky issue. You could ignore warnings and use a tool until it breaks – possibly at a critical time in your planning or reporting cycle. Or you could blindly accept you have no alternatives. Instead, consider how you can move from business continuity to business optimization and best-in-class innovation. Think about people, costs, and potential disruption to operations.
- Choose Business Continuity or “Same Same” so you minimize learning curves and shorten time-to-value. People can struggle with change. Jedox provides familiar modeling concepts and continues easy access via Excel (while providing access on any device) which means faster fluency and minimizes change management issues.
- Choose Business Optimization or “Better” so that you fix unresolved business challenges. Smartly designed tools with modern functionality increases productivity, so your team can focus on higher value activities. The Jedox Model Marketplace gives you the collective expertise of a large specialist partner ecosystem to quickly solve new challenges.
- Choose Business Innovation and “future proof” your technology with vendors who are experts in their field. They don’t try to lock you into their “stack” but instead continue to invest in R&D ahead of the market. Ensure they are committed to supporting and working with a broad ecosystem of technology partners, so you have the flexibility to combine best-in-class solutions.
As a modern, flexible, and highly scalable EPM platform, Jedox provides powerful connectors to create a data hub and bring all your information into one place and to fluidly model, plan and collaborate. Jedox is designed for business, so it won’t burden your IT. If you’ve felt stuck with a legacy tool, you may be surprised how easily you can move to Jedox and create more value for your organization, solve the challenges & limitations faced with the existing tech solution, and enable you to create more value for your business with the latest, most sophisticated tools for your professional field.