Virtual Machine - Need advise

Team - I need your advise for the below:

We had a VM(old server) with the below config:
Processor: [Intel(R) Xeon(R) CPU E5-4657L v2 @ 2.40GHz, 2400 Mhz, 2 Core(s), 1 Logical Processor(s)"]
OS: Microsoft Windows Server Enterprise
SQL: SQL Server 2008 Enterprise

We now have a VM(New server) with the below config:
Processor: [Intel(R) Xeon(R) CPU E5-2697 v2 @ 2.70GHz, 2700 Mhz, 2 Core(s), 2 Logical Processor(s)"]
OS: Microsoft Windows Server 2012 R2 Standard
SQL: SQL Server 2014 Standard

RAM on both servers: 64GB


VM is being accessed by ~30 users at various intervals and are complaining about latency issues in the new server. We also have an excel file in each user's machine which is connected to VM SQL via data connection. What used to take 5 mins in old server, now takes more than 45 mins.

I would like to get your opinion if the new server is actually better / worse than the old one.

We know for sure, SQL needs to be upgraded to enterprise. anything apart from that?