Is your organization hemorrhaging money due to outdated technology? The answer is likely yes. A recent Deloitte survey revealed a staggering 82% of companies failed to meet their cost-reduction targets last year, primarily due to inefficient technology infrastructures.
In the 2024 poll of nearly 300 business leaders focusing on business margin improvement and technology transformation, technology infrastructure challenges emerged as the biggest barrier to cost-cutting efforts. Over 50% of respondents indicated that leveraging data and generative AI strategies to improve margins would be their main focus for 2024.
What does this tell us? Organizations are eager to adopt new, automated, AI-powered methods to save money and boost efficiency but are constrained by outdated technology.
Why Should Businesses Upgrade Their Technology?
Legacy systems, typically defined as technology that's at least a decade old, can quickly become costly to maintain. They are slower, require constant updates and patches, and fail to leverage new features as they are developed. Consequently, businesses struggle to keep up with their tech-savvy competitors in every area, from scaling and cloud usage to human resources and customer service operations.
But that's not the only issue. Outdated technology also increases the risk of cyber-attacks. Older systems often cannot keep pace with the rapidly evolving world of cybersecurity. As new, more malicious threats emerge, these systems become incapable of handling the latest updates required to keep your network secure.
So, why do business owners delay updating technology when the data clearly shows it will enhance productivity and the bottom line? One primary reason is sticker shock. The cost of updating technology infrastructure can seem overwhelming. Smart business leaders often grapple with risk-related questions like "What if something breaks?" or "What if it doesn't work as promised?" However, the data indicates that maintaining old technology could be even more costly. A separate Deloitte study of CIOs in 2023 found that respondents spent an average of 55% of their technology budget on maintaining existing systems.
There's also the cost of switching. What will it cost to bring systems down and transition to a new system? What will the cost be to train employees to use the new software? These are all questions your IT team can help you answer before you start upgrading your technology. An experienced technician will help you analyze your system to determine what needs to be updated and when, and map out a plan to upgrade your system in the most efficient way possible. It's easier than most business leaders think and pays off in increased productivity and profitability.
If you're looking to
upgrade your technology or are just tired of slow, outdated tech and want to
see what the next step could look like, we'll do a FREE consult. Our
techs will dig into your system and determine what you need to get technology
that helps you run your business better. To book your consult, call us at +44-28-7136-3363 or click here to schedule
now.
