Technology plays a vital role in business. It helps business in a number of ways that generally focus on doing things faster and better. It is also called “productive engine” as most business rely on technology to increase their productivity and efficiency.

Technology have evolved rapidly over the last hundred years and today we have revolutionized our world with the most intelligent and astounding innovations. Tasks can be accomplished with a touch of a button. You can connect and keep track of communications anywhere you may be. You can perform work even if you are away from office or anywhere in the world. The capability of today’s technology has far outweighed yesterday’s. Technology certainly comes a long way.

Given these facts, why are business owners finding it difficult to embrace new technology? Is old technology really causing small businesses great financial loss?

A study, commissioned by Microsoft and Intel, claims that keeping an old computer costs roughly double the cost of replacing the machine. They surveyed 415 small and medium businesses across Australia and found that most business retaining their old technology were 3.3 times more likely to require repairs that leads to productivity losses from slow and inoperable old machines. This is a significant finding for small and medium businesses who often delay upgrading their computers to save money.

According to Microsoft’s Neil Gordon, “With budget constraints being the number one IT challenge among SMBs today, it is important to consider technology strategies so that they can maintain costs, while safeguarding their organisation from newer digital risks.”

Microsoft added that older devices, and the older software and operating systems SMB’s generally use, present a much greater risk of cyber breaches.

“To put it simply, old technology is not equipped to withstand the cybersecurity issues that are now the norm in the business world of today,” said Gordon.

Aside from financial loss, productivity loss and increase security threats and vulnerabilities, other implications of retaining your old technology are

Loss of Competitiveness

Businesses of today uses modern technology, modern applications and advanced infrastructure that will allow communicating better, responding quicker, and growing more sales and profitability. How can you gain a competitive advantage to other business competitor if you are using old technology?

Disastrous loss of data

Data loss is one of business’ most fearsome nightmare. Losing files means losing time and money to restore or recover information that is very essential to your business. The majority of data loss is due to hard drive malfunctions. It is a storage device to keep critical business data. Hard drive are the most fragile part of a computer and keeping this outdated means you are in serious problem.

The use of modern technology is critical to the success of a business. Small businesses that uses modern technology are certainly more competitive in the marketplace. Do not be afraid of investing in new technology because who knows, it might be just what you need for your future business success.

Evaluate your business now. CONTACT US to learn more about how we can help!