Is Your Construction Firm’s Outdated Technology Costing You A Fortune?

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The fact is that many of us will continue to use obviously outdated technology long after it should have been replaced.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?

Old Technology Is Expensive To Keep

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:

Expense Vs. Revenue: During downtime, you incur all the expenses of running a firm without the revenue you would usually generate.
Loss of Focus: Even if downtime does not grind everything to a halt, some of your staff will have to divert themselves from their normal work to mitigate the problem – again reducing productivity.
Affected Service Delivery: Furthermore, while your systems are down, you can’t deliver services or sell products to current and potential new clients.
Cost Of Repair: However you approach fixing the problem, it’ll cost time and money.

5 Reasons To Update Your Construction Firm’s Technology

Your Technology Is Slowing You Down: As explored above, the most direct result of age in the technology lifecycle is speed. The older your hardware or software is, the slower it will run. Every minute you and your staff spend waiting on technology to respond is time wasted in the working day.
Your Technology Is Putting You At Risk: Did you know that the most common way cybercriminals get into a network is through loopholes in popular software, applications, and programs? Despite how advanced modern software is, it is still designed by humans, and the fact is that humans make mistakes.

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.

Your Technology Is Clearly Out Of Date: While the mere existence of a newer OS or new model in the line-up doesn’t mean you should automatically upgrade, it is an indication that you will have to do so sometime soon. When a newer version is released, it means the clock is running out on how long the providers will continue to support the version you’re using.
Your Technology Is Hold You Back: You may be noticing that your competitors have far surpassed your capabilities and are able to provide clients with features and products that you are unable to offer. If you are finding it hard to keep up with your competitors, it might be time to consider how new technology can enhance the work you do.
Your Technology Is Expensive To Maintain: The older technology gets, the more support it will need. That means paying more and more for support to come in and get it running again, the returns on which will quickly diminish.

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.