7 Signs It's Time to Upgrade Technology for Your Business

Technology can be designed to help your business, making it easier to streamline processes and procedures, collect data, and communicate with employees or customers. If you don’t have technology integrated into your business or the legacy systems you currently use are holding you back, it may be time for an upgrade.

Whether you provide subscription services through a digital commerce platform and use software in every business process, or you’re simply considering switching from pen and paper to online accounting, choosing updated and customizable technology is crucial. Review the following signs that indicate it might be time to upgrade your business’s technology and consider investing in new platforms, software, and devices that will help you increase productivity and efficiency.

1. Business Growth

As your business begins to grow, your technology needs may also grow. The current technology that you and your staff use, and what you have available to your customers, may not be able to handle a sustained uptick in business. If you’re a company that got by just fine without using technology, this may change once you begin to scale.

Larger businesses generally deal with more data, output, shipping, or customer service on a daily basis. Without automated processes involving technology and cloud-based storage and security, your processes and procedures can quickly become disorganized, allowing customers or tasks to slip through the cracks. If you don’t scale up your technologies as your business grows, it can be harder to keep customers happy, launch new products, or increase your staff.

2. Excessive Downtime

When your business experiences downtime due to unreliable technology, it can be detrimental to your productivity. Slow responses from current technology wastes customer and employee time, leading to frustrations associated with your products and service. Excessive downtime may give your brand a bad reputation, which can be tough to recover from.

If your technology is to blame for downtime, it’s crucial to upgrade as soon as possible. For every minute your business can’t function properly, you’re potentially losing money, customers, or growth opportunities. When you upgrade your technology, you can open new customer service support channels and make it easier for employees to get their jobs done.

3. High Energy Cost

Older devices generally use more energy than newer, more efficient models. If you feel a lot of your business’s profit is going directly to your utility bill, it’s a sign you may need to look into upgrading your technology. While upgrading your devices, such as printers, computers, and automated equipment, may be a hefty investment upfront, you’ll likely save money and create a more sustainable office in the long run.

Don’t fail at digital transformation by waiting too long to upgrade and wasting money on energy. Take the steps to invest in new equipment so you can start reducing costs now.

4. Company Direction Change

If you’re planning to launch new products or services, part of your go-to-market strategy undoubtedly calls on stakeholders to consider upgrading the technology your business utilizes. While your platforms and applications may work well for your current processes, expanding your offers or changing business direction calls for an assessment of your current technology’s capabilities.

If you’re steering away from selling one-time services and your business is leaning towards subscription-based products, make it intuitive for your potential customers to get involved. A subscription commerce platform helps you sell these products, while also tracking customer data and allowing for simple customization. In the new remote work ecosystem, bringing your brand into the cloud marketplace is an essential leap you must make for customers to browse and subscribe to your digital services and solutions.

Doing your research on the technology available to help you with new processes and procedures will save you time and money when you attempt to navigate your business into a new frontier.

5. Reduced Productivity

If you’re beginning to experience lag times or you’re dealing with other software productivity issues, it may be a sign that you should upgrade your systems. Keep an eye on your productivity and if it begins to slow with no changes or explanations, the problem may be with your current technology. When you update your systems, you keep your business humming along.

6. Security

Security is crucial to maintaining a good brand reputation while keeping your employees and customers safe. If you store sensitive customer data, it’s vital that you have upgraded and reliable security technology to prevent breaches.

If your business has recently experienced a security breach, outdated technology may be to blame. Instead of waiting for another incident to occur that could be detrimental to your business, invest in a technology upgrade as soon as possible.

You’ll gain more trust with customers and potential clients if you show how important their security is to your business. By committing to the best security software on the market, you’ll prove you have your customers’ best interest in mind and that you’re a safe company to do business with.

7. Technology Compatibility

You may already know that your business is long overdue for a technology upgrade but you’re simply not ready to make the investment. You may have compromised and begun upgrading certain technologies piece by piece. While this may be easier on your company’s budget, it could lead to compatibility issues that put you in a less-than-ideal situation.

Older technologies may not communicate with newer ones, causing a block in your systems and processes. Be prepared to replace all related technology at once, just in case older and newer versions aren’t compatible with one another.

When your business is equipped with the latest technologies, your employees can thrive and your customers can experience top-of-the-line service. If you’re not sure whether you should invest in new technologies, consider where your business is heading and if you feel productivity could be increased. While sunsetting a legacy system can be a challenging undertaking, it’s worth it for the longevity and profitability of your business.