Technology has increasingly become a central part of business in our world. Software as well as hardware power and enable businesses to, not only complete their work but also be more competitive and adaptable to the ever-changing environment. Keeping all business technology up to date is of utmost importance.
As a business owner, you’re likely to be bombarded with requests to improve all parts of your business. While you don’t have to act on every request that your employees or customers propose, updating the technology that you rely upon is a smart move. As we’ll see in this article, the benefits of updating business tech outweigh the cost associated with these updates, which is what tends to hold many businesses back from updating their systems.
If there’s one reason you should update your tech, it’s to keep your whole system secure. According to Microsoft, 40% of updates they release on their operating system and related software is because of a known security loophole that was discovered, prompting Microsoft to release a patch in the form of an update. By not performing updates to your software system, you leave yourself vulnerable to cyber attacks and other forms of malware.
The cost of security breaches in large businesses skyrocketed in the year 2018 and is set to double by the year 2020. When analyzed, many of these security breaches can be traced to outdated technology that was easy to bypass. Will your business survive a security compromise?
Protect Your Competitive Advantage
Business tech allows you to offer products and services in an efficient manner. But if you’re using last year’s technology to serve customers today, you could be losing your competitiveness in the marketplace. Today’s consumer is informed and has all the needed resources to do research, thanks to the Internet. Consumers can easily tell that you’re using old, outdated technology because it tends to show in your company’s marketing material, website, ordering process, and other brand elements. By keeping your business tech up to date, you show that you are ready for new business.
Achieve Higher Levels Of Efficiency
Newer versions of business tech tend to be more efficient, leading to higher levels of productivity. Another great benefit of improved technology is the added safety and reduction of waste in production. By updating the technology that your business relies on, your team becomes more productive while keeping your costs down. What would 5% or 10% productivity mean for your company?
Outdated technology, on the other hand, slows down your workforce because it requires more maintenance and repairs. Worse, at some point, old technology is no longer supported, and you are then forced to make difficult decisions. Make it easy on yourself and update your business tech regularly.
If you’ve been in doubt, I’ve shared 3 top reasons why it’s important to update your business tech.
• First, you improve security within your organization.
• Secondly, updating business tech allows you to stay attractive to new business.
• Lastly, improved productivity for your workforce.
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