Software Providers: Trapped in Legacy Code & Tech Debt? Outsourcing is the Escape

Investment management software companies often grapple with the burden of legacy systems.

According to an Accenture survey, 71% of respondents from high-tech companies think their business is exposed to a rise in technology debt.

And outdated codebases can hinder innovation, increase security risks, and create a significant technical debt that drains resources.

Outsourcing, via offshore development and staffing augmentation, offers a future-ready solution, providing dedicated resources and specialized expertise to modernize your legacy software systems cost-effectively.

Why Modernizing Legacy Code Is So Difficult

1. High In-House Costs

Modernization of legacy code often requires a specialized skillset that may not be readily available in your existing team. Similarly, hiring or training in-house can be expensive and time-consuming.

2. Opportunity Costs‍

Time is money, and time is limited. Focusing your in-house development team on legacy modernization diverts their attention away from new feature development and innovation.

3. Technical Complexity‍

Legacy systems often have intricate dependencies, undocumented code, and outdated technologies, making modernization of code extremely complex and time-intensive.

4. Risk of Disruption

Making significant changes to legacy systems carries the risk of introducing bugs or downtime, potentially affecting critical investment operations. ‍

How Outsourcing via Offshore Augmentation Helps Software Providers Overcome Legacy Code and Tech Debt ‍

1. Gain Access to Specialized Expertise

‍Access developers with experience in specific legacy technologies or modernization techniques relevant to your investment software.

2. Attain a Cost-Effective Solution

‍Offshore teams provide a cost-effective way to scale your modernization efforts without significantly increasing your long-term headcount.  

3. Focus on Innovation

‍Free your in-house team to focus on creating new value and innovative features, while the offshore team systematically addresses your legacy code.  

‍4. Phase the Migration Process

‍Augment your team to strategically migrate components of your legacy system to modern architectures, minimizing disruption to your operations.

Key Considerations for Modernization and Outsourcing Success ‍

1. Do a Detailed Assessment

‍Begin with a thorough analysis of your legacy codebase to identify areas in need of modernization and map out dependencies.

2. Take a Modular Approach

‍Break down the modernization project into manageable phases, focusing on high-priority modules first to deliver incremental value.

3. Carry Out Knowledge Transfer

‍Ensure the offshore team collaborates with your in-house developers, transferring knowledge and documenting processes for long-term maintainability.

4. Perform Robust Testing

‍Implement rigorous testing protocols alongside the modernization process to minimize the risk of introducing new issues.

Find a Partner to Modernize With and Break Free from Outdated Constraints

Don't let legacy code and technology impede your investment management software's growth.  
 
Outsourcing, via offshoring and augmented staffing resources, provides a strategic and cost-effective path to modernization.  
 
And by partnering with the right team, you can tackle tech debt, enhance your platform's performance, and accelerate your innovation roadmap.

At Empaxis, we know the challenges of legacy systems in the investment management space, and we’ve successfully carried out hundreds of implementations.
 
Our team blends deep domain knowledge with modernization expertise, backed by two decades of experience in the investment management operations space.
 
In essence, we work as an extension to software providers, helping them reduce their technical debt, improve the stability of your investment software, and position you for future innovation.

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Is legacy code holding your investment software back? Contact Empaxis for a personalized consultation. See how we can help you modernize strategically and unlock your development team's potential.

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