Technology is used in companies to improve efficiency, reduce the possibility of human error, and increase productivity. Once a technology stops doing these things because it slows the process, crashes, and constantly requires maintenance it is time to update. Unfortunately, it has become all too common for decision makers in business to try their best to stay away from the ever-changing, complex, confusing world of technology. They may stick with outdated technology, because, “why fix it, if it’s not broken?” Business leaders may not realize how much money and time are wasted along with the risks incurred when they do not stay caught up with technology.
Costs
A company may choose to hold onto their outdated hardware, software and programs as long as they can. Why is this? Is it because it’s hard to see the return on investment of purchasing new computers or updating your software programs to catch up to the industry? The true cost of this action is too often overlooked. Technology ages quickly. As technology gets older, it starts to run slower, freezes or crashes, often resulting in frustration and wasted time for the user. One poll of U.S. working adults found that workers spend an average of 520 hours a year on repetitive services and tasks that could be easily automated. The average national hourly wage of $25.40 leads to a business spending $13,208 on average per year on wasted time waiting for their outdated technology.
Time
Obsolete technology requires more maintenance. Older technology processes slower, takes longer to execute simple tasks, and requires much more time-consuming up-keep, patches, updates, and help desk calls than its newer counterparts. Microsoft estimates that companies that use old technology could lose up to seven days per calendar year. Think what your employees could do with an extra seven days a year. Think about the increase in revenue and ROI once your employees aren’t spending seven days of the year waiting on outdated technology. Once a company has their technology updated, think about the growth potentials for their employees. An employee would be able to take those seven days of the year to invest in themselves or into growing the company.
Security Risks
Not only is old technology expensive and time-consuming, but it’s also risky. Companies using old technology may find that the developer has stopped support and updates for the old technology, making it more vulnerable to cyber-attacks. Old technology can expose a company up to a world of ever-increasing security vulnerabilities. Research shows that over over 10,000 new malware threats are discovered each hour.
According to Cisco, 31% of organizations have experienced cyber-attacks on operational technology infrastructure. Cyber-attacks not only expose sensitive information but require large amounts of time and money to rectify. They are going to be expensive to resolve, and even more expensive if confidential data is leaked or misused. Your employees will also be relegated to spending time waiting on the cyber-attack to be fixed, which again, will take time away from investing in themselves and the company.
At the end of the day, it’s important for decision makers in business to realize that it’s not worth it to keep running their business with old, outdated technology. They also need to realize how much it is truly costing them to fall behind modern technology. Using old technology can affect a company in more ways than they may realize. The money a company thinks they are saving by not advancing their technology isn’t worth it. So, what are you waiting for? It’s time to catch up.
