Why Should Firms Update Their Technology?

Why Should Firms Update Their Technology?

Firms should update their technology for many reasons, but mainly because technology is growing. When you have mastered one program, the manufacturer is ready to release the update. Then, the question is when do firms update, not why.

Depending on the industry, it’s important to know which technology is worth investing in as individuals, and not just as shop owners or decision makers. Upgrades are critical to success.

Why should firms revise their devices or machines? Changes improves productivity and lowers costs, according to a study, by 80% in the last 40 years. Still, businesses are skeptical about keeping up with the Dow Jones’ and worry about surviving corporate America. They are enjoying their bubble and feeling upgrades will only upset the flow of things. These people feel it’s a waste of money to fix something that’s not broken.

There are countless advantages to rolling over to new technology. A study with over 200 North American companies reveals “more than $26.5 billion in revenue is lost each year fromĀ IT downtime.” This is why upgrades are beneficial to a business and its potential for growth.

Collaboration Tools

Since we’re able to hire people from around the world, businesses need to hold each one accountable for tasks. Having the latest software is like having the glue that bonds the entire company together. You need to know, in business, what the left and right hand is doing. Software such as Skype, Zoom, Slack, Trello, Milanote, and Google Docs keeps everyone in the loop of things, so organization is entirely possible.

Putting the Customers First

If you have customers, you almost have to upgrade to the latest gadgets and gizmos because they have. When you fall behind as a business, buyers look at small brick-and-mortar companies differently and to be honest, you may lose that customer. It’s important you offer the entire package; new designs, colors, and technology.

Are You Mobile?

Mobile devices are almost indispensable these days. Consumers buy everything online, from clothes and shoes to medicines and groceries. It’s highly critical that businesses have websites that are easy to read and navigate through. Clutter is one sure way to turn off a reader, therefore, losing a seller or buyer.

New Technology Speeds Up Productivity

When you don’t update the software you currently have, it could slow programs down. Whereas your competitor or potential client has the latest software and you don’t, you won’t be able to participate in operations. It’s not professional if you haven’t downloaded Zoom and there’s a Zoom meeting in 10 minutes.

Security

Why should firms update their technology? The more people online, the more security it needs to protect the public from cyber criminals. Consumer data is valuable on the black market. A good example of this is the attack on Amazon. Companies believe they are safe on the cloud but in reality, they need so much more security.

Hackers are more sophisticated these days and can break into tight security systems. Steve Fairbanks, VP of product management at CA Technologies says, “87% of businesses indicated that failure to recover data would be damaging to the business and 23% said it would be “disastrous.”

Keeping your computer’s software updated is paramount to keeping malware at bay. They look for loopholes such as outdated programs and send viruses through them. It may cost more to fix the problem than to have upgraded to the next level of technology. “Midsize companies lost more than $91,000 and large companies lost more than $1,000,000 in revenue,” according to Fairbanks.

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