We have the pleasure of having some super sophisticated customers. Savy in both technology and finance. As a result of this, we have been exposed to the term, “technology debt”. A liability that is real, and maybe it should even be on your balance sheet as the true financial liability that it is.
The concept is pretty simple. The hardware and software that you are using to run your operations has a limited life span and has seen better days. You have been kicking the can down the road on doing the necessary updates to keep up with the technological times. But even worse than that, your operations are running poorly, and you have a security risk by not keeping up with the technology.
You are in debt, it will take thousands, even millions of dollars to get your IT house in order, and you are not showing this liability anywhere on your books. But there is a price to be paid for this delaying approach, and the longer you wait, the more it is costing you.
We see this from the data collection side of technology, but of course the big picture is well, bigger. Servers, desktop PC’s, printers, network gear, ERP software, the list of things to keep up with is staggering.
So, how do you fix it? The answer is to have an obsolescence plan in place when you first purchase equipment, and software. A timeline for its useful life, and a plan both technically and financially to update on a fixed schedule and stay out of technology debt.
We have thousands of customers and we get to see how it is done wrong, and how it is done right. If you allow us, we will use these decades of experience to help you stay out of technology debt, and to also get the most out of your technology spending. If you are looking for the kind of trusted partner that will help you with this, the EMP Tech Group is for you.