Digital technology – expense or asset?
The business world has gone through massive change over the last 20 to 30 years. Digital technologies have become integral to businesses in every sector of every industry. There is huge demand on modern businesses to stay up to date with the latest technological trends, to connect securely with suppliers, and to reliably manage sensitive data for clients.
Technology moves quickly and adapting to it can often be hard. In our 20 year history, we have seen that companies that successfully embrace technological change are the ones that understand it as an investment in the long-term future of their business.
On the other hand, more ‘traditional’ business owners – those who have been in the industry for several decades for example – often see investment in technology as a financial burden. It can be the hallmark of out-of-touch CEOs and board members, who see the success of the company as numbers in a profit column. They bemoan having to spend money on modernising systems when they ‘already have one,’ yet the irony is that without reliable IT infrastructure in place, a large financial catastrophe could be just around the corner.
Consider the damage a massive data loss can have on your business, for example.
It’s a potential financial and PR nightmare. Clients will be less than impressed that their sensitive data has been lost, and are likely to take their business elsewhere. It may be harder for your business to attract new clients, which will impact on the profitability of the company. Depending on the content of the data that has been lost, legal action may also be brought against you. Restoring the reputation of the business after such an incident can be a slow and costly affair.
The reputation of your business is your biggest asset. Putting quality IT systems and data protection in place is an investment in that asset and the future success of your business.