Understanding the Hidden Costs of Outdated Technology
Do you know that Industry 4.0 is projected to grow from USD 64.9 billion in 2021 to USD 165.5 billion by 2026? (Source: MarketsandMarkets). And the key factor fueling this tremendous growth is the rapid adoption of technologies like Artificial Intelligence, blockchain, Internet of Things (IoT) in the manufacturing industry.
If you are still using spreadsheets and paper-based documents, it is nearly impossible to compete with modern manufacturing companies. Moreover, there are many hidden costs of using outdated technology in the digital world.
1. Data security — Running obsolete operating systems and servers can create security and compliance risks.
2. Migration/installation and higher cost — As the legacy software becomes older, it will require more maintenance which leads to higher business costs.
3. Data loss — If the software is outdated, the possibility of losing the data is very high. It can lead to the loss of key information including customer, sales, and finance data.
4. Reduced employee productivity — Outdated technology can restrict your employees from achieving higher productivity and it may even cause them to look for jobs where they can work with modern systems.
Let’s see how switching from legacy software to modern systems can help your manufacturing business.
· Improve relationships with customers, vendors, and partners
· Enhances speed, productivity, and employee efficiency
· Streamlines workflow, operations, and daily tasks
· Makes tracking of resources, and maintenance easy
· Integrates the entire business data from all departments for greater transparency
· Promotes timely and diligent decision-making with real-time data
So, if you are not updating your legacy software and are still using old technology to run the business, now is the time to invest in the latest technology-driven software that can help you operate your business successfully in the digital world.
