How running old Microsoft Software could cost you money

We all have heard the phrase ‘’Change is scary, but so is staying the same’’. It is common that businesses avoid updating or upgrading old software, due to the fear of making big business changes or investment. Although there is also this other phrase ‘’if it’s not broken, don’t fix it’’, there are some costs associated with this decision. Today we will talk about how running old software could cost you money. 

Security Risks

As technology grows and advances, so do cyberthreats. New versions of old software tend to upgrade security features to cover these new demands. So, to keep running an old software version means putting your employees’ and your business’ information at a much higher risk of breach.  

Security is a topic no organization should overlook. For highly regulated industries, such as financial or legal, the penalties and risks that come with the lack of cybersecurity diligence can be extremely severe. So, take this into consideration before deciding not to spend time and money on newer versions of your digital tools. 

Loss of productivity

Outdated technology is not only expensive to maintain; according to the Samanage State of Work Survey, the loss of productivity due to outdated technology is costing businesses $1.8 million USD per year.  

On the contrary of old software, newer versions of digital tools tend to run faster and smoother, are less prone to glitches or breakdowns, and are usually easier to use than past versions. All the previously mentioned help boost productivity and efficiency. 

Support and maintenance

As mentioned above, old technology is prone to breaking down, glitching, or freezing. This means that one would have to continuously invest in IT support and repairs. Not to mention that, as newer versions of software come out, the more likely or closer it is for the seller to remove support for older versions. 

However, this expense can be –almost completely– eliminated when using new technology.