It’s easy to overlook the silent drain on resources lurking within the walls of many organizations today, the outdated technology they rely on to run their operations.
Imagine navigating through a bustling city in a horse-drawn carriage while everyone else zooms by in sleek, modern-day cars. This stark contrast highlights how relying on old tools can stifle innovation and efficiency, ultimately costing businesses time and significant money, just to keep up.
From increased maintenance costs, and increased downtime, to reduced employee productivity, the repercussions of clinging to antiquated has it’s long-term effects. And not in a good way. Organizations that fail to modernize themselves risk falling behind their competitors who choose to do the opposite. Embracing cutting-edge solutions that help to enhance both performance and customer experiences.
Let’s dive in and learn more about this topic and what you can do to ensure your organization doesn’t fall into this trap.
Some Stats to Consider
There is a good possibility that your organization could be bleeding money due to its reliance on outdated technology.
You might not even be aware of this fact, but it is happening.
A recent survey by Deloitte revealed that 82% of companies failed to meet their cost-reduction targets last year, with an inefficient technology infrastructure being the primary culprit. That’s eye-opening, to say the least. Imagine over 80% of businesses are not able to reduce their “operating cost” all because their overall technology infrastructure is performing at sub-par. It’s most likely due to these companies having little to no tech or IT support to help them maintain their technology and make the proper recommendations as to when it is time to upgrade their systems, so they’re not lagging.
More discoveries were made this year, that related to the above survey.
A 2024 poll of nearly 300 businesses was done, and it revealed that businesses are having challenges as it relates to business margin improvement and technology transformation. What this poll essentially revealed, was that these 300 businesses’ largest barrier was them seeking to improve their margins by cutting cost in the area of technology transformation. It was probably such an uphill battle for them to try and update their current technology, reducing their cost to do so was probably next to impossible.
Again most likely due to very old technology and the non-existence of proper tech support for that technology.
Why Should You Upgrade Your Business’s Technology?
Relying on outdated technology may feel comfortable, but it often leads to inefficiencies that can hinder productivity and stifle your business’s growth. Think about the time wasted on slow systems or the frustration caused by software that crashes at the most inconvenient moments.
By investing in modern solutions, you’re not only enhancing performance but also providing a smoother experience for both your team and your clients.
Embracing new technology opens up a world of possibilities.
Think in terms of streamlined processes, improved communication, and enhanced security measures. And that’s just the tip of the iceberg. Imagine how much easier tasks could become with updated tools for you and your team to use daily.
What would that do for productivity, performance, and efficiency?
Plus, staying current with technological advancements helps you maintain a competitive edge over the competition in an ever-evolving marketplace. Most companies look at upgrading technology as a cost, rather than an investment. What you’re investing in ultimately is the future success of your business.
Because technology advances so fast, legacy systems (systems that are at least a decade old), can easily become expensive to maintain. It’s hard for legacy systems to keep up with the rate of technology evolution.
They are slower, need constant updates and patches, and don’t leverage new features as they’re developed. As a result, businesses struggle to keep up with their tech-savvy competitors in every area of the organization, from scaling and cloud usage to human resources and customer service operations.
You’re also at risk of cyber-attacks with outdated technology.
Old technology typically cannot keep up with the rapidly changing world of cyber security. As new, more malicious threats emerge, older technology eventually becomes incapable of keeping up with the latest updates required to keep your network secure.
So, why do business owners put off updating technology when the data clearly shows that it will positively impact productivity and the bottom line?
There are a couple of reasons.
- The Sticker Price: Seeing the price of updating technology infrastructure can feel overwhelming. Common questions that oftentimes come up are “What if something breaks?” or “What if it doesn’t work like they say it will?” Although these are real concerns that could potentially happen, the data shows that maintaining old technology is more costly.
- The Cost of Switching: Another concern here is what will “shutting systems down” and “transitioning to a new system” cost. How much will it cost to train employees how to use the new software? All questions your IT team can help you answer BEFORE you start the upgrading process. A good and experienced technician can help you analyze your current systems to see what needs to be updated, and when would be a good time to do so. From there they can help map out a plan to upgrade your systems in the most efficient way for your business. It’s easier than most business leaders think.
What to Do Next?
If you have concerns that your systems may be outdated and you’re ready to upgrade them, we can help your office get that done. We’ll do a FREE Network Assessment there at your office and help you put a plan together to get it done. We’ll help you determine what technology is needed to help run your business better.
To book your free assessment, call us at 571-498-8208 or click here to contact us.