Upgrading tech equipment is an ongoing cost for most businesses. Knowing how long you should keep things before choosing something new isn’t always easy. You don’t want your company’s processes to grow outdated, but you also have to ensure you’re staying profitable if you want to stay open.
Your productivity can be an excellent indicator of when it’s time to upgrade. If you see sudden drops in performance with no obvious explanation, look at your current equipment and see if upgrades might fix some of the problems.
When Should You Upgrade Technology?
The rate at which new technologies emerge has increased drastically over the past decade. Information Technology is still on an upward trajectory, although the economy may necessitate some slowing. The United States Bureau of Labor Statistics estimates the IT industry will add about 667,600 jobs by 2030–a 13% growth.
However, it seems as though new things appear on the horizon every quarter. How can you know which things will help your business grow and which ones to ignore? It’s important to weigh the pros and cons of each purchase to see how it might impact your bottom line.
1. Avoid Lag Times
If your current equipment gets bogged down with the demands of your business, it’s time to upgrade. As your company grows, the demands on your network, computers and data systems increase. You may need to invest in some cloud computing options or more powerful servers.
Talk to those in the trenches for your company. Are they having issues with the system freezing? Perhaps they want to upgrade software and the old system isn’t compatible.
2. Consider the Brand
If you buy Mac computers, they may not need an upgrade as quickly as a Windows-based system. Is investing in wholesale Mac computers worth the added cost? You can save quite a bit by buying them in bulk.
If you work in the education industry, you’ll find many teachers and educational institutions use Mac.
3. Invest in Security
As your company grows, you’ll have more customers and deal with additional personal details from each. You want to keep that information safe. One way to upgrade your businesses’ tech equipment is by investing in better security.
Install firewalls, invest in virus protection and look for things that improve security. For example, moving your data to a secure cloud-based server might kill cyberthreats. Third-party providers often have the latest virus protection and software to stop hackers in their tracks. They may have around-the-clock monitoring to see and end threats.
4. Track Inventory
Some of today’s latest technology, such as RFID tags, help companies keep a handle on inventory. Did a customer place a huge order and now your delivery carrier says they can’t find the package? Pull up tracking on it and find out where it went.
RFID tags give the exact location of goods, whether they’re in your warehouse or outside of it. If you aren’t already using RFID with physical inventory, consider upgrading to the technology soon.
5. Automate Processes
You might also want to add equipment that automates your most common tasks. If you have anything repetitive in your day-to-day operations, whether manufacturing or running an office, today’s machines can do much of the work for you.
Automating tasks frees up your employees’ time to focus on more creative endeavors, such as coming up with a new way to reach customers or inventing a new product.
Is Now the Right Time?
Each business is different. Only you know if you can afford to upgrade equipment and what benefits it might bring to your processes. If you can afford to upgrade and see an advantage that will give you a good return on your investment, then now is the right time to upgrade your business’s tech equipment.
Eleanor is editor of Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.
