Back-office accounting software doesn’t operate in a vacuum – it must be able to integrate with market data feeds, CRM systems and dozens of other third-party applications asset management firms rely on. The growing use of APIs across all businesses means that today’s systems are more interconnected than ever. If it’s been years since your last upgrade, be prepared for a giant leap in functionality and other aspects of the software as well as a more costly and disruptive upgrade process for implementation and training. If the software version you are using is truly legacy, don’t be surprised if the vendor stops supporting it completely.Īnother reason to implement releases in a timely manner is because playing catch-up can be a shock to the system. Besides putting you at a competitive disadvantage due to a lack of functionality or compatibility with other programs, older software versions are harder for the software provider to support if questions or issues arise. Yet, companies often delay installing new releases because they simply do not want to spend the time and energy to upgrade. In other words, upgrades provide tangible benefits that enable companies to run more efficiently, compete more effectively, and offer more options to clients. Back-end coding might change as well, delivering faster processing or greater interoperability with other systems. In addition to patches and bug fixes, major releases can include new or significant enhancements to the features, functionality, user interface, integrations, and reports currently available. While minor software updates may add a new report or new feature, major software releases upgrade your existing version of the software and prevent it from becoming stale. Software development is dynamic – constantly evolving and moving forward.
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