In a recent study by Stripe, almost 70% of UK developers interviewed said that their businesses are being held back by outdated and custom-built technology systems. It gets worse. The developers said they usually spend over 17 hours a week (that’s almost half of their working time!) on system maintenance, such as debugging, patching old systems and fixing bad code. Based on the feedback, Stripe estimates that outdated, legacy systems have a negative impact on global GDP amounting to around $300 billion per year. Ask yourself: Are some of my systems so old that they are not even supported anymore? Am I spending so much in system maintenance that I can’t afford to replace the IT?
According to The Unified Commerce Landscape Report by IHL Group and NCR, retail leaders spend on average 69% more on IT than other retailers. What matters most, though, is how that money is spent. Retailers must do away with the disconnected, legacy systems that are limiting their visibility and their ability to compete, and upgrade to unified commerce. Unified commerce unites all parts of the business within one common platform, which is used across the enterprise, back to front. And when all your key information – from customer data, to product information, to financials – is stored in a single place, you can easily use it in real time across the whole company. No multiple sources of data, no contradicting information, no delays: just one truth, which you can rely on. “The IT spending commitment from retail leaders is having a dramatic impact on their ability to balance the top strategic priorities: creating a seamless shopping experience, creating a ‘WOW’ in-store experience, and improving customer loyalty,” said Greg Buzek, President of IHL Group. If you want to learn more about how a unified commerce platform can benefit your business today and tomorrow, do not hesitate to contact us.