We live in a digitally advanced, tech-savvy era where consumers have the knowhow to get the most out of the technology that they have at their disposal. This directly leads to them having higher expectations from the products, services, customer service or any other business element that they interact or transact with.
In order to stay ahead of the game, businesses need to ensure they are not using outdated IT systems or obsolete technology in terms of hardware, software, IT networks, internal business processes, etc.
According to a study, outdated technology costs US business around $1.8 billion each year in terms of productivity and total business output.
Signs that Tell Your Business Needs an IT Upgrade
Here are some of the major signs that you, as a business owner, an entrepreneur or a manager, should take into account for an IT or a tech-related upgrade for your business.
Business Growth
When your business grows, your technology needs to grow with it - it’s as plain and simple as that. You cannot rely on the same business technology that you might have relied on when your business was launched.
Regardless of the number of years you’re in the business, when the magnitude of your business expands in terms of product lines, services, new markets, revenues, etc., there is no way that you can avoid or overlook your business technology expansion.
Resistance to Change
You will observe that small business owners or directors are hesitant to adapt to new technology, IT systems or frameworks - mainly because they might have relied too much on the results of their internal processes such as cost-benefit analysis or other forecasting models.
Their reluctance or hesitance won’t help the organization. It is advised to consult an IT expert who will give you the actual insights, and areas where you can achieve business growth without having to invest too much.
IT Infrastructure-related Failures
Older or outdated IT infrastructures are more vulnerable to data breaches, cyberattacks, malware or phishing schemes that can have huge adverse effects on your business. These effects can be both monetary or non-monetary, and can consume a lot of time and energy to make a full recovery from the damage they can cause to your organization.
Employee Productivity
Improved IT systems can have a direct impact on your company’s overall employee productivity. For instance, if you are a live chat service provider or the owner of an online marketplace, your employees would be able to give you better results if they have up-to-date computers and other hardware or software-related upgrades that brings in more efficiency to their daily operations.
In addition to this, if you are experiencing a consistent drop in your employee productivity, even from the individuals or departments that were doing well until recently, there is a huge possibility that it could be due to poor or outdated IT infrastructure that needs to be looked upon right away.
The Competition
If you’re not conducting frequent competitor analysis and are not aware of how your competitors are performing, you might not be able to stay ahead of the game for too long. In this hugely competitive environment, businesses need to assess and adopt the changing market trends, specifically the ones related to business technology or automation.
There is a possibility that your vendors, suppliers, consumers, and all internal or external stakeholders of your business might have already switched to advanced systems and technologies, while you might still be operating on older mechanisms. This could lead to losing customers to your competitors and eventually, decreased revenues.
Unable to Grab New Business Opportunities
You might not be able to make the most of new opportunities, penetrate new markets, offer improved products or services, and improve better after-sales support to your customers if your business is still using older IT systems and business technology.