Cardiologist Turns Hacker
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Sticking with old technology may save you the money it costs to replace it, but did you know it will cost you in other ways?
Frugality is a valuable priority in the business world. Avoiding overspending and being resourceful with the assets you have can help to boost your profits and keep your construction firm operating within its budget for a given project.
However, there’s a difference between being frugal and being cheap – do you know which you are?
There’s an easy way to tell. Ask yourself, “when was the last time I updated my technology?”
The fact is that many of us will continue to use obviously outdated technology long after it should have been replaced. Whether it’s that old smartphone that won’t run newer operating systems or the computers you use at work, sticking with out-of-date technology will save you a bit of money because you don’t have to replace it.
But did you know how it will cost you in other ways?
If your old tech is working so poorly that it stops you and your crew from working, then it’s time to replace it. The downtime caused by old hardware isn’t worth the money you’re saving by hanging on to it.
Whether you agree or not, it’s a fact – Ponemon Institute estimates that every minute of even partial downtime can cost as much as $5,600.
The main cost of downtime is not the fix itself, it’s the halt in your firm’s productivity. If an IT-related or natural disaster occurs and takes critical systems offline, employees will be unable to complete their tasks, yet your normal business expenses will carry on.
The economy of downtime is unforgiving – it grinds your firm to a halt, racks up expenses, and keeps you from getting anything done. Additional costs include:
Due to this, much of the software you rely on to get work done every day could have flaws — or “exploits” — that leave you vulnerable to security breaches. Many of the most common malware and viruses used by cybercriminals today are based on exploiting those programming flaws; to address this, developers regularly release software patches and updates to fix those flaws and protect the users.
This is why it’s imperative that you keep your applications and systems up to date.
There are a variety of reasons why you may decide to hold off on making a major upgrade to your technology, such as the cost and hassle. However, avoiding the issue for too long will do more harm than good, and will affect your productivity, security, and ability to get work done.