You’ve gone through the (often) lengthy process of searching for, comparing, selecting and finally implementing an information management solution. And now you have to upgrade the technology already? Your initial reaction may be, Seriously? I just spent money and time implementing this solution, and now I have to take another step? While a set-it-and-forget-it approach to technology solutions may sound ideal, the information management landscape – and technological innovation at large – is constantly changing. In reality, upgrading technology poses a major opportunity for improvement within the business. Technology should be seen as an investment in the business, and in order to deliver the maximum ROI, it must evolve as the business needs to.
Maximizing your technology investment is especially important when it relates to your most valuable asset: data. Additionally, to be clear, allowing outdated technology to fester is not just a missed opportunity; it can negatively impact your business. Here are three reasons why keeping enterprise information systems current is absolutely mandatory.
1. New Functionality
Technology is constantly evolving and advancing – the digital economy and data-driven enterprise make sure of that. By upgrading information management solutions, companies gain access to new features that enhance productivity, eliminate bottlenecks and govern sensitive information. You might think, Didn’t the solution promise to improve productivity when I first implemented it? That could be true, and it likely did at the time. However, with remote work being just one example, the workforce is constantly evolving and is now confronted with new challenges that vendors couldn’t have possibly foreseen even two years ago. Low productivity actually increases costs for the organization, so upgrading information management solutions to empower employees is a wise investment.
Enterprises must also consider what functionality their customers want, because their needs also change over time. Making advancements allows organizations to provide their customers with the products and services they desire – and consequently, improve their bottom line.
2. Strengthened Security
The cybersecurity landscape has rapidly evolved over the past several years – both in the types of threats that organizations face and how frequently they face them. The global average cost of a data breach is $3.86 million, according to the 2020 Cost of Data Breach Report from Ponemon Institute and IBM Security.
Not only are older systems more vulnerable to being hacked by cybercriminals, but these bad actors are constantly inventing new ways to penetrate enterprises. If companies forgo upgrading their technologies, they put the security and integrity of the business at risk. Enterprises must ensure information systems remain stable and secure with the latest security updates.
3. Improved Modernization
In addition to evolving customer demands and security risks, there is an exciting aspect to technology upgrades: tapping into the most cutting-edge, modern capabilities. Innovation has been accelerated across each industry to keep pace with the rapidly evolving market, economy and consumer – and as a result, there are new technological advancements every day. While this progression again poses opportunity, it also raises the stakes. Choosing to opt out of modernization means that your customer-facing technology will become lackluster, and your employees will be less supported in their jobs. The end result is losing a competitive edge in the market.
By consistently upgrading technology, enterprises benefit from the most up-to-date user experiences and integrations. They can improve existing solutions and even build entirely new ones, expanding across the organization.
When was the last time you upgraded your enterprise information management stack? If it’s been a while, or if new upgrades have been offered since, now is the time. Stay on top of functionality, security and modernity by ensuring your information systems are always as sophisticated and current as your enterprise is.