The software can't be installed on newer versions of Windows after Windows XP. This happens because of the architecture of the file. The files are in 16bit and Windows 8.1 doesn't have support for this mode. You will have to install Windows XP through virtualization.
Download VirtualBox and then use the following guide to create a machine. Install disc of Windows XP is necessary. Practically, you'll run two operating systems in the same time: Windows 8 in its native mode, and Windows XP in a "window" through virtualization.