Evaluating the Real Cost of Outdated Technology
If you’re looking to cut corporate costs, technology is not the best place to start. Many business owners delay updating technology due to lack of resources and finances. However, in the long run, outdated technology has the potential to harm businesses in more ways than one.
From cyber-security concerns to remaining competitive, these are some cons of not updating technology:
- Security Risks: The number one pitfall of outdated technology is the risk associated with it. Outdated software leaves a company vulnerable to cyber-attacks, viruses and malware, not to mention legal compliance risks. Likewise, strong data security is essential to the success of any business.
- Productivity Loss: New technology is constantly revolutionizing the way we work and the speed at which we do so. Without the latest updates, employees are often spending time managing finicky technology systems instead of focusing on their actual responsibilities.
- Lagging Behind the Competition: In the eye of the consumer there is a direct correlation between updated technology and a company’s credibility. Old-fashioned technology leaves room between you and your competitors, allowing customers to address their business needs elsewhere.
While updating technology may present an initial upfront cost, the pros certainly outweigh the cons when it comes to long term financial and growth opportunities:
- Reduce Costs: Businesses that don’t evolve with technology often face increased costs when fixing IT issues. Repairs and maintenance on systems four years or older can cost up to double the amount of newer systems.
- Increase Customer Satisfaction: According to Microsoft*, more than 80% of customers will leave an organization’s website and abandon an online purchase if the site is outdated. When you have a sleek, tech savvy website, your customers take note and trust your offerings more than they would if the website looks out of date.
- Growth: Updating technology and expanding business operations towards a cloud computing model allows businesses to grow. Doing so provides more agility and growth potential than ever before, and is a key factor to the success of any evolving business.
Whether you’re looking to benefit from updating your technology platforms or simply dodge the negative implications from failing to do so, understanding the urgency of a tech reevaluation is the first step toward making a change. In order to grow as a secure business, stay ahead of the competition, and reduce costs, reassessing and updating your company’s technology is a must.
For more tips & tricks on how you can stay safe and secure in the technology world, check out our blog.
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