Is your organization bleeding money due to outdated technology? The answer is likely yes. According to a recent Deloitte survey, a staggering 82% of companies failed to meet their cost-reduction targets last year, with an inefficient technology infrastructure being the primary culprit.
The 2024 poll of nearly 300 business leaders focused on business margin improvement and technology transformation efforts. It revealed that challenges with their technology infrastructure are the biggest barrier for organizations seeking to improve margins by cutting costs. Over 50% of respondents reported that leveraging data and generative AI strategies for improving margins would be their focus for 2024.
Legacy systems, typically categorized as technology that’s at least a decade old, can quickly become expensive to maintain. They are slower, need constant updates and patches, and don’t leverage new features as they’re developed. Consequently, 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.
But that’s not the only issue. Outdated technology increases the risk of cyber-attacks. Old technology typically cannot keep up with the rapidly changing world of cybersecurity. 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 main one being sticker shock. Seeing the price of updating technology infrastructure can feel overwhelming. Smart business leaders run through risk-related questions like “What if something breaks?” or “What if it doesn’t work like they say it will?” However, the data shows that maintaining old technology could be more costly. A separate Deloitte study of CIOs in 2023 found that respondents spent an average of 55% of their technology budget on maintaining their existing systems.
There’s also the cost of switching. What will bringing systems down and transitioning to a new system cost? What will it cost to train employees to use the software? These are all questions your IT team can help you answer BEFORE you start upgrading your technology. An experienced technician will help you analyze your system to see what needs to be updated and when, and map out a plan to upgrade your system in the most efficient way possible. It’s easier than most business leaders think and pays off in increased productivity and profitability.
If you’re looking to upgrade your technology or are just tired of slow, outdated tech and want to see what the next step could look like, we’ll do a FREE Network Assessment. Our techs will dig into your system and determine what you need to get technology that helps you run your business better.
Contact Us Today! Call us at (330) 325-4484 or book a schedule schedule your free assessment.