On the other hand updating software every refresh cycle can be hugely expensive in terms of conversion, training, identifiying processes that need change, and continuity. Any major application is going to be at least 2-3 months in upgrade process during which time productivity is down. The 'gains' (typically stuff thrown in by the vendor to make it 'new') in a single version update are rarely worth the effort.

Users don't like that, IT doesn't like that, management doesn't like that.