Change is a constant and sturdy to accept for many similarly changing software systems is particularly challenging, all thanks to what is known as baby duck syndrome.
Fremont, CA:When an individual I comfortable with a system, trust comes automatically, it may have some quirks, but one will know how to manage them. It turns out, software users imprint on or become attached to the software they are using, and then have a hard time letting go. A lot of energy is spent on learning a system, and then it is kept even after acknowledging that upgrading to something new would be better. There are some valid reasons for holding on to old systems, but the repercussions of holding on usually outweigh the downsides of changing. Many commodity-intensive companies have CTRM/ETRM systems that were developed years ago. Here are a few good reasons to explore new options.
• Legacy CTRM systems were designed to leverage data created in the CTRM system. While that data is crucial, there is a lot of data generated outside the CTRM system, which can improve trading and risk management.
• Although technology and markets have evolved, legacy systems cannot easily add functionality. Upgrading on-premise systems disrupt operations, needs IT resources to implement, and can be higher on cost, and time-consuming. Upgrading modern, cloud-based systems happens behind the scenes, without interrupting business processes.
• They are missing out on some valuable assets like real-time data for decision making. Today, companies can access real-time structured and unstructured data from IOT sensors, market feeds, social media, weather reports, inventory containers, machinery, and many more. With real-time access to this data, solutions can be found quickly to reduce risk and evaluate opportunities for increased profits.
• Legacy systems don’t have the bandwidth to collect and analyze streams of real-time data, but modern cloud systems with the help of AI and machine learning can. With the power of advanced analytics, countless volumes of data can be analyzed in a fraction of seconds, providing deep insight into businesses and allowing smarter and better decisions.