THE RISKS OF OBSOLESCENCE VS...
Keeping pace with ever-evolving technology can be quite a challenging proposition.
There can be significant effort involved in planning to update or upgrade your systems and devices. However, without planning, your systems will outdate and stagnate. Consequently, your web of devices and applications may result in financial shock from:
- Exploited security vulnerabilities, such as invasive social and cyber hacks
- Loss of support and technical knowledge as products and services reach “end of life”
- Non-availability of replacement parts or systems
- Compatibility issues causing high migration costs; and
- The consequent erosion of workforce productivity
While it does not take much research to identify the benefits of keeping “up to date”, there are also risks associated with “jumping too soon” as an early adopter of new technology, such as:
- Product and/or service instability and bugs
- Investing in a product or service that may not exist in the near to mid-term
- Security and privacy vulnerabilities
- The cost of training staff to use, support, administer and maintain new technology
Given these are just a few common risks you might discover, it pays to carefully plan your upgrades and align them with business opportunities
… THE BENEFITS OF UPGRADING
Recently, I relocated to a new house and needed to reconnect my Internet service. For the first time, my ISP had the service connected and available the day I moved in. As I had never experienced such excellent service before, I asked them how they did it. The customer service representative sounded happy and fresh as they told me that this was only possible due to new systems and tools.
In this example, “staying current” had a positive impact for both the customer and the employee.
For a business, staying current can be an edge against the competition, but it also facilitates revenue growth.
You can create opportunities and increase your customer stickiness through
- offering a great user experience
- being perceived as “cutting edge” and innovative
- building trust and reassuring your customers and prospects by verifying your product’s security
- offering product and service catalogue that integrate with each other to add value
To learn how to leverage email to create revenue opportunities and increase customer stickiness, contact us!