Technology changes at such a fast pace that it’s hard to keep your devices, equipment, and software up-to-date. While it’s meant to help your business run more efficiently, outdated technology can have the total opposite effect.
Here are four examples of the ways relying on outdated technology can cost your business.
Outdated technology will create security weaknesses that can be exploited by hackers, putting your business in danger. Older systems are frequently unsupported by the manufacturers, meaning security patches are unavailable. These risks are heightened for businesses operating in sectors facing strict regulatory compliance requirements.
Whether it’s hardware or software, older applications and systems are more likely to break than their newer counterparts, which increases downtime—the bane for any business. Total workflows can grind to a halt because of the failure of an older, unreliable device. Research shows small- to medium-sized businesses lose 42 hours of productivity every year thanks to slow and outdated tech.
According to the State of Workplace Survey, lost productivity caused by outdated technology costs American businesses $1.8 trillion per year. Aside from productivity, outdated technology is also more expensive to maintain. Then there’s the outrageous cost of data recovery in the event of a failure, not to mention the price of the unspeakable: complete data loss.
Failing to use modern technology can harm your brand and cost your company clients. According to Microsoft, 90% of consumers claim they would take their business elsewhere if a vendor is using outdated technology.
Outdated, obsolete technology is costing your business much more than you realize.