Technology Mistakes That Cost Your Business Money

Technology is utilized by almost everyone in today’s world and so can be an amazing component of a business. Effective use of technology can increase productivity, help drive business decisions, and help you learn how to better serve your customers. The benefits are endless. However, there are many mistakes you can make when using technology. Some are insignificant, but some can be costly.

Using Old Software

Old software can cost your business money because it can reduce productivity. Reduced productivity comes from the need for frequent troubleshooting, which causes disruptions to operations, and pauses workflow. Computer troubles cost an average of 22 minutes per employee’s hours of productivity every day. Old software can also become slow, which means that each task takes longer to complete and slows down all processes. Old software also increases security risks because it is easy to hack and often doesn’t have the protections of new software.

Data Breaches

Data security is an important part of any business. There is not only information about your services or products, but also employee information, customer information, and financial information for your customers and your business. About 42% of companies experience downtime due to data loss in 2019. This downtime not only costs your business money as you are not able to move operations forward, but it can be very difficult to recover lost data. Data breaches can also affect your business by losing the trust of your customers, which will drive down business thanks to customer loss.

No Analytics

Data analytics is an important part of your business. Without data you have no direction. Data analytics can help you see how your business is performing and how you are servicing your customers. It can help you see what their needs are and how to drive business to meet those needs. However, not all data is useful data. You need to ensure you choose metrics that are useful to your company, use the right analytics software, and work with a good interpreter for the data.

Learning how to properly utilize technology can be a huge asset to your company. The right software can increase productivity, prevent security risks, and give you valuable data. Not only is technology important, but so is hiring the right people to manage the technology so you don’t run into problems. You may spend time and money at first to invest in the right technology, but it will be well worth it for you and your business when your efficiency increases.

Read this next: How to Improve Your Accounting for Your Small Business

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