Spring is a time of renewal and growth, and for many of us, that means decluttering and cleaning up our physical spaces. But have you ever considered applying that same principle to your office equipment and digital infrastructure? Upgrading technological aspects of your organization may seem like a daunting task, but it is an essential part of maintaining your business. Just like a cluttered and disorganized home can limit your productivity, outdated technology can cost you time, money, and even create security vulnerabilities.
“Outdated workplace technology impacts nearly every element of a company’s productivity and profit. Leasing and payment solutions remove barriers and allow organizations to reduce tech debt, improve workplace tech stacks, and create a sustainable lifecycle for technology assets,” notes Bob Hunter, DLL’s Office Equipment Global President
Let us take a closer look at some of the hidden costs of outdated tech and why it might be time to upgrade.
Loss of Productivity
One of the most notable costs of outdated equipment and technology is a loss of productivity. As hardware and software age, they become less efficient and can slow down workflows. Devices may deteriorate or wear out, and software may become incompatible with newer tech and business requirements. Over time, you may also lose support from developers, leaving you with outdated and potentially insecure technology assets.
For example, older technology may lose integration capabilities with newer companion products, leading to more errors and potential data loss. If your vendors or customers are using newer versions of software that are incompatible with your old tech, you may run into issues and face conflict from all sides. Additionally, the longer you put off upgrading your tech, the more “tech debt” you accumulate. Tech debt refers to the number of tech generations you need to go through before reaching the latest technology - the more tech debt you have, the more money and time you will have to spend in the future, like incurring interest in technology.
Loss of Security
The most critical cost of outdated technology is the security vulnerabilities it can create. As noted earlier, when your hardware and software age, developers may terminate or reduce support of that product. Without security upgrades and updates to keep your systems secure, you’re left vulnerable to cyber-attacks. According to an article by GoTech, hackers and cybercriminals know that small businesses tend to update their systems at a slower pace, giving them an advantage. The costs associated with a data breach can be devastating for small and large businesses alike, especially if you have limited cybersecurity in place or are not backing up your data. It is crucial to prioritize IT (Information Technology) security and keep your infrastructure up to date to avoid these risks.
Reducing Your Carbon Footprint
It is worth noting that upgrading your tech can also have energy savings, particularly as it relates to newer hardware. The latest version of office and workplace hardware are often more energy-efficient, meaning that you can reduce your carbon footprint and save on energy costs overall. When you leverage a leasing product for your workplace technology, the inherent upgrade cycle makes this process easy, simple, and removes the burden of ownership and lifecycle of your assets.
Managing Cost
Of course, upgrading technology can be a significant capital expenditure which forces many organizations to weigh the risks of maintaining the outdated workplace technology against the cost of replacing old equipment. When you leverage a leasing or payment solution, you don’t need to make that choice. Leasing allows you to acquire the assets your organization needs without a significant upfront investment and predictable monthly payments over the life of the asset. Additionally, with a leasing option, you have flexibility and options to easily upgrade your equipment at the end of the term – ending the cycle of unnecessarily holding on to outdated and vulnerable equipment.
By taking the time to assess your current technology and investing in upgrades where needed, you may be able to avoid the hidden costs of outdated workplace tech and position your business for success. Want to stay ahead of the curve when it comes to the intersection of asset focused financial products and the ever-evolving tech landscape in the workplace?
Check out DLL's 2023 Trend Report: The Hybrid Experience. Find more information here