This Tech Leader Explains How You Can Avoid Business Disaster With This Oft-Overlooked Tactic
The opinions expressed by entrepreneurs contributors are their own.
It's easy to forget that today's advanced technology will be tomorrow's museum relic. Yet many stick with outdated products, mistakenly believing, "If it ain't broke, don't fix it."
Plan A TechnologiesThat kind of thinking is understandable but dangerous. Survival of the fittest is just as true for businesses as it is for animals. For both, failure to adapt to a changing environment can lead to extinction.
There is a crucial difference between the natural world and the business world: businesses can choose to evolve. If you're running a business, part of adapting is making sure the software that allowed you to succeed in the past can still do so today. Are your current tools still the right instruments to better serve customers, outperform competitors, and generate the best return on investment?
Related: Cybersecurity is no longer an option. Your money is in immediate danger.
Of course, business leaders already have their hands full, as companies struggle to manage the COVID-19 pandemic, inflation, job vacancies, supply chain issues and a host of challenges. other challenges. For many executives, the idea of taking on any other task, let alone revisiting their existing technology stack (the set of software and other technologies that a company has selected) sounds as appealing as a treatment of canal without anesthesia.
Most business leaders know their industry inside out…but they're usually not tech savvy. The technology assessment process can be confusing, frustrating, costly and downright intimidating. Companies often lack the internal expertise to assess their options and make informed decisions. They may think that investing in new software is a luxury they cannot afford. They may fear that implementing new software will cause costly disruptions. Or they may just be unaware of how outdated their existing software has become.
Whatever the reason, the bottom line is the same: when it comes to technology, far too many people wait until it's too late. Carnegie Mellon researchers found that people tended to put off updating their software, even when told it was important.
The dangers of doing nothingWhile your software remains the same, everything else is changing, faster than ever. This can lead to disastrous consequences. Take . In 2017, the credit reporting agency announced that hackers gained access to the personal information of more than 143 million people. How did such a massive theft happen? Was it the result of carefully planned internal work? No. It turns out that the company's IT department failed to fix a known security flaw in one of its web applications.
Similarly, Target experienced a massive crisis in which the credit and debit card information of 70 million people was stolen, resulting in an estimated financial loss to Target of over $290 million.< /p>
Related: A Beginner's Guide to Cybersecurity for Business Owners
The issues are by no means limited to security. Just look at the airline industry. It regularly suffers from problems related to aging systems. The result: United, American, Southwest and many other airlines suffered thousands of flight cancellations and scheduling delays as outdated software leads to litigation, employee frustration, customer angel...
The opinions expressed by entrepreneurs contributors are their own.
It's easy to forget that today's advanced technology will be tomorrow's museum relic. Yet many stick with outdated products, mistakenly believing, "If it ain't broke, don't fix it."
Plan A TechnologiesThat kind of thinking is understandable but dangerous. Survival of the fittest is just as true for businesses as it is for animals. For both, failure to adapt to a changing environment can lead to extinction.
There is a crucial difference between the natural world and the business world: businesses can choose to evolve. If you're running a business, part of adapting is making sure the software that allowed you to succeed in the past can still do so today. Are your current tools still the right instruments to better serve customers, outperform competitors, and generate the best return on investment?
Related: Cybersecurity is no longer an option. Your money is in immediate danger.
Of course, business leaders already have their hands full, as companies struggle to manage the COVID-19 pandemic, inflation, job vacancies, supply chain issues and a host of challenges. other challenges. For many executives, the idea of taking on any other task, let alone revisiting their existing technology stack (the set of software and other technologies that a company has selected) sounds as appealing as a treatment of canal without anesthesia.
Most business leaders know their industry inside out…but they're usually not tech savvy. The technology assessment process can be confusing, frustrating, costly and downright intimidating. Companies often lack the internal expertise to assess their options and make informed decisions. They may think that investing in new software is a luxury they cannot afford. They may fear that implementing new software will cause costly disruptions. Or they may just be unaware of how outdated their existing software has become.
Whatever the reason, the bottom line is the same: when it comes to technology, far too many people wait until it's too late. Carnegie Mellon researchers found that people tended to put off updating their software, even when told it was important.
The dangers of doing nothingWhile your software remains the same, everything else is changing, faster than ever. This can lead to disastrous consequences. Take . In 2017, the credit reporting agency announced that hackers gained access to the personal information of more than 143 million people. How did such a massive theft happen? Was it the result of carefully planned internal work? No. It turns out that the company's IT department failed to fix a known security flaw in one of its web applications.
Similarly, Target experienced a massive crisis in which the credit and debit card information of 70 million people was stolen, resulting in an estimated financial loss to Target of over $290 million.< /p>
Related: A Beginner's Guide to Cybersecurity for Business Owners
The issues are by no means limited to security. Just look at the airline industry. It regularly suffers from problems related to aging systems. The result: United, American, Southwest and many other airlines suffered thousands of flight cancellations and scheduling delays as outdated software leads to litigation, employee frustration, customer angel...
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