The Hidden Costs of Outdated Technology

December 22, 2020

The Hidden Costs of Outdated Technology 

 With competing financial demands, businesses today are always looking for ways to cut costs. Many businesses choose to put off necessary expenditures like refreshing infrastructure or upgrading licensing agreements to meet financial constraints. Unfortunately, some business owners do not understand that outdated technology, in the end, costs more in terms of lower productivity, increased maintenance costs, upgrades, security risks, and a lack of customer confidence. 

The Costs Behind Outdated Technology 

Data Security: Software is updated not just for functionality but security. Using outdated software lets you leave your company open to cyber-attacks and internal threats on your data and infrastructure.  

Migration/Installation: If you don't have processes in place to retire out-of-date software and hardware, you'll end up having to pay for large software purchases and migrations all at once. Also, the device and software costs will significantly impact internal budgets related to migration and installation costs.   

Data Loss: If your backup solution is out of date, and the systems that they help keep secure were to fail, then you have a much higher chance of losing data. Any data loss is not good, but a loss of customer or sales data could directly and immediately affect your bottom line. 

Team Efficacy: Your team wants to do their jobs well, but outdated technology holds them back. It can limit productivity and lead to frustration. Eventually, if it's bad enough, it can affect your team's morale.   

Despite your many efforts to maintain a reasonable IT budget, outdated technology is most likely getting the best of you. The worst part is you may not even know – it's difficult to pick up on the long-term damage of dated technology.  

The Solution 

Develop a strategic IT roadmap. An IT roadmap will help you plan for your monthly, annual, and multi-year technology costs by incorporating your technology's lifecycle, growth, optimization, and transformation goals. ABM can help you with developing a plan for your future.  

ABM is a Managed IT Services company that brings together business and IT perspectives, assisting our clients in evaluating technology opportunities and developing holistic, integrated technology strategies that address the whole enterprise's needs.