With technology changing all the time, it can be hard to know when the time is right to upgrade. Some companies hold on to older technology for years because it continues to work, however, legacy technology often lacks the security and more up-to-date features posing a variety of risks.
What is legacy technology?
Legacy technology is any technology that is outdated, including computer systems, printers, copiers, software, and applications. Many companies hold onto these technologies for longer than is safe. Perhaps they don’t have the time to learn a new system, can’t afford an upgrade, or feel an upgrade isn’t worth it right now (i.e. “it still works ok”). However, not upgrading your technology systems periodically can put your business at risk.
What are the risks?
There are a number of things that can happen when your technology becomes outdated. They include:
- Lack of security – If a company is no longer offering security patches and updates for your technology, it leaves your business open to data breaches and other security issues. Hackers know when a technology is no longer supported and will target it.
- Missing features – If your competition can do something more easily, faster, and better, you’re going to lose out. It’s important to stay up-to-date on the important features for your industry to stay competitive.
- Functionality and reliability – If you don’t upgrade, you’re missing out on the latest features that can save you time and money. At the same time, older technology breaks down more often and is harder and more costly to repair (if it’s even possible). Legacy technology could cost you a lot more money than upgrading in the long run.
- Lack of regulatory compliance – As legal compliance standards change, so must the technology you use. If your systems don’t meet compliance standards, you could be facing stiff penalties.
- Perception and reputation – How your employees, potential employees, customers, and competitors see your company matters. Using outdated technology can be a turn-off, and if you suffer a data breach or major outage due to outdated technology, your reputation may never recover.
Staying current with your technology doesn’t mean upgrading every time something new comes around. However, keeping older technology can be costly. It’s important to make sure you factor the risks of legacy technology in when deciding to upgrade. To learn more, give us a call!