Are you losing money to outdated technology?

Danni August 19, 2024

Is your technology costing you money?

Are you sure? A recent survey by Deloitte revealed that a staggering 82% of companies failed to meet their cost reduction goals. The primary culprit? Inefficient technology structures. Another 2024 survey of nearly 300 business leaders identified technology issues as the main obstacle to cutting costs and improving margins. The same study found that 50% of respondents plan to focus on leveraging data and AI strategies to enhance their margins.

Why Updating Your Technology is Crucial for Your Business:

Technology that is a decade old or more is known as a legacy system. These outdated systems become expensive to maintain, operate slowly, require constant updates and patches, and are typically unable to leverage new features as they become available. Consequently, they can struggle to keep up with tech-savvy competitors.

  • The more serious issue is that outdated technology increases your risk of cyber-attacks. It cannot keep up with the world of cyber security- which is constantly changing and evolving.
  • As technology gets more advanced, so do the hackers and their attacks become more sophisticated.
  • As these malicious threats emerge, outdated technology can no longer keep up with the updates necessary to keep your network secure.

Why do business owners delay technology updates?

There are several reasons why business owners might delay updating their technology, with the primary one being sticker shock. The cost of updating tech infrastructure can be overwhelming. However, data shows that maintaining old systems can be more expensive than upgrading. A Deloitte study from 2023 found that CIOs spent a staggering 55% of their technology budgets on maintaining existing systems.

Another concern is the cost of switching. Business owners often worry about the expenses associated with removing old systems, transitioning to new ones, and training employees on the new technology.

What can you do?

These are all valid concerns, and your IT service provider should be able to address them (hopefully that’s us!). A reputable IT company will perform a comprehensive review of your system before advising on updates and their timing. They will also work with you to develop a customized plan to upgrade your system, enhancing productivity and profitability.

If you’re considering upgrading your technology or are tired of slow, outdated systems, we can help. We offer a free Technology Review with no obligation. Our experts will assess your system and determine what upgrades are necessary to improve your business operations. To schedule your review, call us at 541-494-2099 or click here to book a discovery call. Be sure to mention that you’re calling about the Technology Review.