Imagine missing out on a sale due to a slow website or losing important client information to a cyber attack… the good news is that these scenarios can be easily prevented by updating your software! In today’s rapidly changing technological landscape, it is more important than ever to keep your software up-to-date. From fixing vulnerabilities, improving performance or boosting productivity and efficiency, keeping up with the latest technologies can bring your businesses numerous benefits.
Recently, Southwest Airlines experienced a major technology meltdown that caused thousands of flight cancellations and delays. Southwest has said that its crew-scheduling system couldn’t keep pace with the number of changes it has to make, eventually requiring the airline to manually assign flights to pilots and flight attendants. The airline had to pay up to $825 million to compensate customers and cover other costs associated with the outage. The incident highlighted the importance of keeping up with the latest software.
Let’s look further at key points to consider when it comes to keeping up with the latest technology:
- Regular software updates can fix security vulnerabilities and protect against data loss. Cyberattacks and data breaches can be incredibly costly for businesses. In addition to the cost of the attack itself, you may also need to pay to notify affected customers, repair damages on the systems, and restore lost data.
- Latest technology is often faster, more reliable, and easier to use than older versions. This can increase productivity and efficiency that leads to saving up money for your business. For example, updating your productivity suite to its latest version may result in faster loading time, improved performances, and gaining access to better features.
- Staying competitive within the market. Technology is ever evolving, businesses that don’t keep up with latest technology are risking to fall behind among their competitors. We are using the latest version of accounting software to help us process transactions quicker and more accurately, enabling us to compete through producing faster and accurate results to our clients. To clients, this also means less outsourcing cost.
Understandably, most businesses usually adopt a more reactive stance when it comes to cyber security or software maintenance due to cost constraints, however we need to consider keeping technology up-to-date as it has a direct impact on both financial and operational aspects of businesses – not to mention the intangible aspects such as customer confidence and loyalty.
In a nutshell, investing in your software reduces security risks, improves performance and efficiency, helps your business to stay competitive, and saves your business some money in the long run. At the end of the day, your business can remain productive while achieving operational excellence