Your business could be falling way behind the competition – and you may not even realize it. One of the greatest vulnerabilities of today’s small businesses is the risk posed by outdated technology. The fallout goes way beyond slipping behind competitors; by failing to implement the latest in technology, you are putting your company in the path of potential security risks.
These risks not only stunt growth and productivity, they lead to security holes, increased costs, and legal and regulatory compliance risks as well. Don’t let outdated technology sabotage your business in Winchester. Instead, heed these warnings that can hamper growth and keep you stuck in the past. Get the IT network support and business continuity plans you need to keep your business running smoothly well into the future.
Embrace Change
First and foremost, failure to embrace change is the death knell of many businesses. We get it: change isn’t easy. It’s much easier to keep doing what you’ve always been doing. It’s comfortable, it’s simple, it’s predictable. But that same predictability and simplicity can keep you stuck in a pattern that it will increasingly become harder to get out of.
Change, on the other hand, is scary, unpredictable, and difficult to implement the unknown. However, change – while it is incremental — is also constant and essential to growth. If you’re doing things in the exact same way you were doing them 10 years ago, it’s time to embrace change and welcome it with open arms. When you take some time to analyze things, you’ll see that you’re repeating challenges and sinking costs that are secretly sabotaging business growth.
Risks of Outdated Technology
From crashes and downtimes to rising costs and decreased productivity, there are many risks associated with stale technology.
Crashes and Downtimes
Downtime is not cheap. In fact, even just a few minutes of downtime can have a big effect on your bottom line. Yet many businesses are still operating on outdated systems that are costing them money when they crash. It’s not just about inconvenience, though. When your network crashes at peak times (such as the holidays or tax season) or when you’re working with sensitive data, you could be exposing personal information to all the wrong people. Not only can this downtime be dangerous, stressful, and reputation-damaging, it could result in fines from regulatory agencies such as the FTC (Federal Trade Commission) or HIPAA (Health Insurance Portability Accountability Act).
Rising Costs
It’s costly to hire people to fix glitches in your old technology or dip into savings to pay for necessary upgrades. You may not have budgeted for these expenses, which strains your budget and increases costs, taking time and focus away from more important projects for your company.
Decreased Productivity
Using an older version of a software program poses more of a challenge in completing even the simplest of tasks while making changes in real time. On top of that, your employees now have to spend valuable time away from their primary job responsibilities trying to use and troubleshoot these outdated tools.
When employees are frustrated with slow programs or technology that constantly needs attention, this can result in lower morale and decreased productivity levels. In turn, this can lower your profits over time, as well as decrease the quality of work and ultimately, customer satisfaction. Dissatisfied customers will no longer have confidence working with you or buying your products, damaging your brand value and business reputation. Losing customers over outdated technology brings into focus the real danger of sticking with the same old systems.
Security Gaps
Outdated systems that lack modern security features create security gaps that can put your employees and customers at risk. Hackers can steal company data, not to mention sensitive employee and customer data that they can then use to bring down your whole system. Don’t let hackers exploit these security gaps by essentially allowing them to access your system, steal data, or infect it with viruses.
But the danger isn’t just with hackers. Your competitors can steal from you too if they become aware of these security holes, by stealing customer information and using it for their own gain. In the same vein, employees can also take advantage of these security holes with the creation of fake accounts so they can snag special offers that should only be available to customers.
But even then, it doesn’t have to be nefarious or deliberate in nature. Sometimes, employees can unwittingly expose gaps in security when they leave a cookie trail that hackers can follow.
Legal and Regulatory Compliance Risks
In a world where regulatory frameworks are getting more complex and strict by the year, you can do your part to mitigate risk by adopting new technology. Following the laws can help you improve data security while protecting sensitive information. This ever-evolving industry is dependent on embracing the latest technology in order to comply with current requirements.
Request a Quote From Cardinal Technology Solutions
Stuck in the past? Don’t let outdated technology sabotage your business. Cardinal Technology Solutions can provide you with the IT support in Winchester you need to securely and efficiently run your business. Get your free quote and consultation on network security in Leesburg today.
