Few if any businesses outside of a sidewalk lemonade stand can operate without technology these days. And even some of those small-time operations utilize card readers to process debit or credit cards for payment! Technology evolves at a rapid pace, making it easy for companies to fall behind and be stuck with outdated, inadequate, or even obsolete solutions. That said, it’s not practical or cost-effective to be constantly upgrading your technology for the most recent iteration. It takes some careful consideration to find the sweet spot when it comes to timing, so you’re not investing in new technology too soon or too late.

What’s the harm in upgrading my technology too soon or often?

In theory, it may seem innocuous for you to regularly upgrade to new technologies. After all, who wouldn’t love a new car or television every year? However, business isn’t theory; it’s reality. And the reality is, there are cons to bringing in new technology. For starters, there’s the cost. Sure, new solutions always require an investment, but the goal is to get a return on that investment. If upgrading is on the table, make sure to do a cost-benefit analysis to ensure your investment makes sense.

There’s also the matter of ‘need’ to consider when it comes to new technology. Sure, it couldn’t hurt to upgrade your business telephone system right now, but do you need to? Will the benefits you reap in cost savings and functionality be worth the investment? Businesses have budgets and bottom lines; investing in ‘wants’ rather than ‘needs’ is rarely positive when it comes to your financials. Make sure to have a frank discussion with your vendor before upgrading to ensure your investment is something your team actually needs to make workflows more efficient.

New technology might come with new, upgraded features, but it can also come with a learning curve. New solutions often require users to learn on the job, change the way they currently do things, or even undergo significant training to operate new systems. Updating your office technology may, in fact, slow your teams down initially. So, be sure that the switch will be worth the time investment of your staff in the long run.

Waiting too long to update your technology isn’t wise either.

Outdated technology can be harmful to your business in a number of ways. First of all, it can prove to be an obstacle rather than an asset, negatively impacting employee productivity and customer service. For this reason alone, businesses should be wary of waiting too long to replace existing technologies. Then there’s the matter of integration with other solutions. Many of the technologies we use today are coupled or integrated with one another. By delaying an upgrade, you might find it more difficult or expensive—or even impossible—to integrate one technology with a newer version of another.

Perhaps most importantly, outdated technology can pose security risks to your business, its data, and its networks. Cyberthreats are constantly evolving, forcing technology to do so as well to stay a step ahead of the bad guys. As such, new technology usually comes with the latest, greatest security features and measures to safeguard its users. By going too long without updating your company’s technology, you are taking cybersecurity risks that could prove to be catastrophic.

Businesses must upgrade their technology and solutions periodically to ensure they have access to the resources they need to succeed. However, when it comes to the latest technology, choosing the right time to move on can be challenging. If you’d like help determining whether it’s time for your company to invest in new technology, contact us today. Our solutions specialists are available to assess your current technology and provide input on whether it’s the right time to upgrade.