Is your business losing money because of outdated technology? If you haven't updated your systems recently, the answer might be yes. A 2024 Deloitte survey found that 82% of companies missed their cost-saving goals last year, with outdated technology being a major factor.
The survey, which involved nearly 300 business leaders, highlighted that technological challenges are the biggest obstacles to reducing costs and improving profit margins. More than half of the respondents revealed that in 2024, their focus would be on leveraging data and generative AI strategies to enhance efficiency and cut costs.
This trend indicates that businesses recognize the need to adopt new, AI-powered solutions to save money and boost productivity but are often hindered by their legacy systems.
Why Your Business Needs a Technology Upgrade
Technology that’s over ten years old—often referred to as legacy systems—can become a financial burden. These systems are slower, require frequent updates, and lack the capabilities of newer technologies. This puts your business at a disadvantage in areas like scaling operations, utilizing cloud services, and enhancing human resources and customer service.
Moreover, outdated technology significantly increases the risk of cyberattacks. Older systems struggle to keep up with the ever-evolving cybersecurity landscape. As new threats emerge, legacy systems may not be able to accommodate the latest security updates, leaving your network vulnerable.
The Cost of Staying Behind
So, why do business owners hesitate to upgrade their technology despite clear benefits? The main reason is often the sticker shock of initial costs. Questions like “What if something breaks?” or “What if the new system doesn’t work as promised?” can cause delays. However, maintaining old technology might be even more expensive in the long run. A separate 2023 Deloitte study found that CIOs are spending an average of 55% of their tech budgets on simply maintaining existing systems.
Switching to new technology also comes with concerns about downtime and training costs. But an experienced IT team can help you navigate these challenges. By assessing your current systems, they can create an upgrade plan that minimizes disruptions and maximizes efficiency. The process is often simpler and more cost-effective than anticipated, leading to improved productivity and profitability.
Ready to Make the Change?
If you’re ready to upgrade your technology or are tired of dealing with outdated systems, we’re here to help. We offer a FREE Network Assessment to evaluate your current setup and identify what you need to improve your business operations. To schedule your assessment, call us at 281-646-1200 or click here to book an appointment today.
