3rd September 2020

Study: Outdated Technology actually costs MORE than it SAVES

Study: Outdated Technology actually costs MORE than it SAVES

In today’s competitive business environment, business leaders are always looking for ways to cut costs and choose to put off expenditures like a new server or new computers.

What they don’t realise is that this is actually costing them more – in terms of security risks, lack of customer confidence, lower productivity and increased maintenance costs required to keep old devices running past their expiration date.

In fact, a Microsoft survey found 91% of customers would stop doing business with a company because of its outdated technology. Citing security fears and brand trust as some of the reasons why.

Here’s some of the ways outdated technology hurts your business:

 

Staff productivity

A study by Intel found that small-business workers could be losing up to one work week per year because of old personal computers. Specifically, if a PC is four years or older, employees lose 21 hours on repairs, maintenance and security fixes, according to the Intel Small Business PC Refresh Study.

 

Cybersecurity risks

If nothing else, outdated or sporadically updated tech could pose serious cybersecurity risks and vulnerabilities. Data breaches and cyber hacks, which are becoming more commonplace and advanced, can kill a company. Attackers learn new practices day-after-day and their skills constantly evolve. Keeping your technology and cybersecurity measures under constant scrutiny and review is vital for keeping your business safe.

 

Adapting to challenges

With recent global events, many businesses were able to count on their up-to-date and improved IT systems to enable their workforce to continue operating remotely. Organisations who were able to quickly adapt to the pandemic, while their competitors were fighting to adjust, managed to stay ahead of their competition.

 

Hiring and Retention

Imagine going into a job interview and seeing the staff using Windows XP on CRT monitors and saving their files on a floppy disk?

This is how your outdated system could look to millennials, who will account for an estimated 75% of the workplace by 2025.

A Workforce Study conducted by Penn Schoen Berland found more than 80% of millennials say workplace tech will influence their job decision. Additionally, 42% would leave a job with unsatisfactory technology.

Showing you value efficiency innovation and staying current in your industry via technological implementation is both enticing and in line with their professional goals.

 

Customer perception

Buying from a brand and a company they can trust is one of the key factors that every customer considers before making a purchase.

A 2013 survey by Microsoft found that 70% of people would be “extremely or quite concerned” about providing personal information on an outdated website. More than half (61%) of respondents think an SMB is outdated if it is using an operative system that is more than five years old.

Ensuring your IT stays up-to-date – current computers and systems; a modern, responsive website; business-class emails; and even things such as real-time online chat support – creates the perception that your company is successful and leading the way in innovation.


PSP are valued and trusted

Don’t know where to start with updated your technology? We provide senior-level management support and Business Analysts who can identify solutions and implement changes to your IT functions in line with your business goals. We can take over and update old systems, while migrating existing data and supporting with the maintenance of the new system.

With twelve years’ experience and a team of skilled professionals, we can build bespoke solutions for whatever your needs.

Visit www.psp-it.co.uk for more information and to speak to our team of professionals.

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