Are you aware that outdated technology could be draining your company’s resources? If you’re running a small business in New Jersey, chances are, the answer is yes. According to a recent survey by Deloitte, a staggering 82% of companies failed to meet their cost-reduction targets last year, with outdated technology being a major culprit.
In 2024, nearly 300 business leaders were surveyed about business margin improvement and technology transformation efforts. The results? Inefficient technology infrastructure is the biggest obstacle for organizations trying to cut costs and improve margins. Over 50% of respondents also indicated that their focus for 2024 would be on leveraging data and generative AI strategies to boost profitability.
What does this mean for your business? Simply put, while companies are eager to adopt new, AI-powered solutions to save money and improve efficiency, many are stuck with antiquated systems that hold them back.
Why Your Business Needs a Technology Upgrade
Legacy systems—typically technology that’s more than a decade old—are not just slow and outdated; they’re expensive to maintain. They often require constant updates, patches, and don’t support the latest features. This leaves businesses struggling to keep up with tech-savvy competitors, whether in scaling operations, cloud usage, human resources, or customer service.
But there’s more at stake. Outdated technology also puts your business at increased risk of cyberattacks. Old systems simply can’t keep up with the rapidly evolving world of cybersecurity. As new threats emerge, older technology becomes increasingly vulnerable, unable to implement the latest security updates required to protect your network.
Why Do Business Owners Delay Technology Upgrades?
If upgrading your technology infrastructure is so beneficial, why do so many business owners hesitate? The main reason is often sticker shock. The upfront costs of upgrading can seem overwhelming, leading smart business leaders to ask risk-related questions like, “What if something breaks?” or “What if it doesn’t work as promised?” However, data shows that maintaining outdated technology could be even more costly.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 just to maintain existing systems.
There’s also the concern about switching costs. What will it cost to bring systems down and transition to a new one? How much will it cost to train employees on the new software? These are valid concerns, but they are questions your IT team can help you answer before you begin any upgrade. With the help of an experienced technician, you can assess what needs updating and when, and develop a plan to upgrade your system in the most efficient way possible. The process is easier than most business leaders think and leads to increased productivity and profitability in the long run.
Ready to Upgrade? We Can Help!
If you’re considering upgrading your technology or are just tired of slow, outdated systems and want to explore your options, we offer a FREE Network Assessment. Our experienced techs will dive deep into your system to determine exactly what you need to upgrade your technology and keep your business running smoothly. To schedule your assessment, call us at 732-972-6665 or click here to book your consultation today.