Is your business currently losing money because of outdated technology? If so, you’re not alone. A recent Deloitte survey revealed that an astonishing 82% of companies failed to meet their cost-reduction targets last year, with an inefficient technology infrastructure being the main culprit.
A 2024 poll of nearly 300 business leaders focusing on business margin improvement and technology transformation efforts highlighted that challenges with technology infrastructure are the biggest barrier to organizations seeking to improve margins by cutting costs. This study also found that over 50% of respondents plan to leverage data and generative AI strategies for margin improvement in 2024.
What does this tell us? Organizations are eager to adopt new, automated, AI-powered methods to save money and enhance efficiency but are hindered by outdated technology.
Why Should Businesses Upgrade Their Technology?
Legacy systems, typically technology that’s at least a decade old, can quickly become expensive to maintain. They are slower, require constant updates and patches, and don’t incorporate new features as they are developed. Consequently, businesses in North Carolina and South Carolina struggle to compete with tech-savvy rivals in every area, from scaling and cloud usage to human resources and customer service operations.
Outdated technology also increases the risk of cyber-attacks. Old technology cannot keep pace with the rapidly evolving cyber security landscape. As new and more malicious threats emerge, older technology becomes increasingly incapable of keeping up with the latest security updates necessary to protect your network.
So, why do business owners delay updating technology when data clearly shows it positively impacts productivity and the bottom line? The primary reason is sticker shock. The cost of updating technology infrastructure can be overwhelming. Smart business leaders consider risk-related questions like “What if something breaks?” or “What if it doesn’t work as promised?” However, data indicates 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 existing systems.
There’s also the cost of switching. What will it cost to bring systems down and transition to a new system? What will it cost to train employees on the new software? These are all questions your IT team can help answer before you start upgrading your technology. An experienced technician can analyze your system, identify what needs updating and when, and plan the upgrade process efficiently. It’s easier than most business leaders think and results 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 offer a FREE Network Assessment. Our technicians will evaluate your system and determine what you need to get technology that helps you run your business better. To book your assessment, call us at 843-418-4792 or click here to schedule now.
