Outdated Technology is Costing Your Business More Than You Think

Is it about time to update some of your older technology? If you are still using older hardware and software programs, you could be putting yourself at risk in more ways than one. The year is nearly over, and it’s a great time to take stock of the technology you rely on every day and plan for the new year.

Even though investing in new equipment and software can seem overwhelming, not doing so on a consistent schedule leaves you and your business open to major costs down the road. Unfortunately, these are hidden costs that businesses don’t always consider when they decide to “hold off” on investing in new equipment or the latest software.

Here are four ways outdated technology can affect your business negatively:

1. Loss in productivity. As technology ages, it becomes slow—Longer start-up times and waiting for apps to load equals wasted time for your team. Even when your equipment is maintained with regularly scheduled cleaning, components still wear out. In addition, outdated software can lead to integration issues when some programs are kept updated and others are not. This can cause programs to crash and important data to be lost.
2. Loss of employees. Employees get frustrated when they must deal with slow, outdated systems. They will become even more frustrated if they’ve mentioned it repeatedly and their employers have no intention of doing anything about it. This results in high turnover and can be a higher cost to the company than replacing worn-out equipment.
3. Loss of support. After a while, developers discontinue supporting older versions of their products to focus on new products. Unfortunately, this means they will spend more attention helping customers who use those newer products. As a result, if you run into a problem, you may need to call a third-party specialist to fix your issue, and they will charge you accordingly.
4. Loss of security. As developers stop supporting outdated products, they stop making updates for those versions and instead focus on keeping their new products secure. As such, this increases your risk of all kinds of cyber threats, including data breaches, malware infections, and other cyberattacks. In addition, outdated technology allows hackers easier entry into your network to wreak havoc.

You will be shocked at how fast the costs associated with these losses can accumulate. Now is the time to take steps to avoid these potential losses. It’s doubtful you will need to replace or update everything, so look at where you may be most vulnerable. What tech-related issues are your employees complaining about most? What hardware or software is no longer supported or not functioning properly? Where are the gaps in your IT security?

The great news is that you don’t have to answer these questions on your own. Instead, you can work with a managed service provider (MSP) or a dedicated IT services firm that can give you a detailed assessment of your systems and help bring your business back up to speed. They can even help you alleviate some of the cost that comes with upgrading your technology on your own. In the end, you, your employees, and your customers gain complete confidence in your business as you head into the new year!