Technology is an expense that businesses need to invest in to remain competitive. However, many do not include important upgrades and crucial IT infrastructure within their business plan.
IT is often overlooked by businesses in an attempt to reduce overheads, or simply because they believe their current infrastructure is sufficient.
The problem is, without upgraded technology, a business is prone to costly disruptions that can cripple their productivity, finances, and competitive edge.
How can old technology hurt your business?
Below are some of the ways that outdated tech may be harming your business, and suggestions on how to fix it.
Loss of productivity
The lack of or absence of updated technology leads to inefficiency. If your business is still using old computers (we’re talking more than 5 years old) then it’s time for an upgrade.
But they still work! We hear you cry.
Even if your computer is still running and able to perform basic operating tasks, trying to remain productive on a 10-year-old PC is like forcing your 80-year old grandmother to compete in a race against a 30-year old personal trainer.
Old, outdated PC’s lose their speed over the years, becoming sluggish and taking longer to respond to demands. Sluggish computers lead to loss of productivity, as employees wait for the system to respond or reboot. Honestly, there isn’t anything worse than telling a client or customer, “Just bear with me, my computer is a bit slow”. You end up wasting their time and yours, which isn’t a great look when it comes to customer service.
Similarly, outdated software is more likely to encounter problems such as being vulnerable to cyber attacks – resulting in costly downtime.
Lack of RAM, outdated software, overuse and overloading are all killers to your business.
Automate your business by investing in new tech or putting money into upgrading your current system. Not doing so will cost you more in the long run.
Outdated technology is a trap for security risks.
Without a clear IT security plan or upgraded infrastructure, you are leaving your business wide open for sophisticated cyber attacks.
If your security patches aren’t up to date, cyber criminals can exploit your system and steal private information. Recovering from a cyber breach is extremely costly and can damage your businesses reputation.
Prevention is far better than cure. By upgrading your tech and ensuring all software is regularly up-to-date you are protecting your business and customers from the financial and ethical fallout of a cyber attack.
Today’s technology and supporting tools are made to keep up with user demand.
If your business is running on a slow internet connection, then it’s likely your entire business operations are being affected.
If you are looking to switch cable providers, or any other internet connection type, then it’s often thought that it can be a painful process. The good news is that contrary to perception, moving to a new internet provider can be a snap.
A faster internet connection means you are able to get things done faster. You are also able to maintain a competitive edge when customers know that it’s easier and quicker to do business with you.
While it might seem like a waste of company resources, upgrading your business tech department will end up saving you thousands.
By using outdated equipment, you’re effectively burning money. Old systems haven’t got the power-saving capabilities of modern equipment. Therefore they’re using up way more energy and burning a hole in your utility bill pocket.
Without a proper IT management plan, you are also making it hard to budget. Without being able to predict technology expenditures and only investing in your tech when a device dies or needs replacing, you are unable to accurately see how much you’re spending in a fiscal year.
Technology should be included in your businesses annual budget and business plan; allowing you to replace equipment when needed without losing money.
Speed up your business with an updated IT policy
Unlike things like your favourite pair of jeans, technology isn’t going to give you more ‘bang for your buck’ the longer you keep it. Over time, computers and devices can grow tired and start underperforming, resulting in more downtime and higher costs. For businesses, outdated technology is like a tumour – slowly killing them from the inside-out. It can lead to expensive issues such as the risk of cyber attacks, dragging productivity, and subpar business processes.
New equipment can save businesses time and money since they are easier to use, are more energy-saving, and can automate routine tasks – preventing the issues discussed above.