Mitigating Risk by Modernizing Your Legacy System
Historically, insurance carriers have been the early adopters of enterprise content management (ECM) technologies. However, while quick to adopt, these same carriers are now somewhat reluctant to upgrade or replace their legacy system – many of which were purchased more than a decade ago.
If you count yourself in this category, we understand why: there’s risk and complexity associated with upgrading or replacing your legacy system. Another common concern is cost. How much will it cost your organization to acquire, install and configure the new software? How much will you pay in personnel, consulting and training fees? What’s involved with maintaining it on an annual basis?
While these questions must be asked, one question that’s often overlooked is this: how much will it cost you to continue to own your current system? By delaying a conversion, you may be ignoring all of the indirect expenses that contribute to the total cost of ownership: factors like change management, risk management and opportunity costs. The truth is that not converting your legacy system to more modern ECM technologies may be one of the most expensive cost-savings decisions you ever make.
Legacy Conversions – Planning Makes Perfect.
Successfully converting your legacy system doesn’t just happen by accident. It takes weeks or months of meticulous planning. For example, we have a time-tested and proven ImageRight Conversion Process that helps ensure success each and every time. As part of this process, we clearly identify the roles and responsibilities of both KeyMark and the client and follow a set of OnBase best practices. These practices include testing processes and methodologies, data validation procedures, data extraction methods and data cleanup requirements.
Replacing a Legacy of Inefficiency.
If you’re running a legacy system that’s painfully inefficient, it’s likely impacting every facet of your organization, including personnel productivity, workflow processes, regulatory compliance and customer service. The good news is that ECM technologies have advanced light years from where they were a decade ago on nearly every front, from functionality, to ease of use to total cost of ownership. Perhaps it’s time you stopped paying for rigid, outdated technology and started leveraging the power of documents, data and information to elevate the efficiency of your enterprise.