The importance of upgrading business technology

November 23rd, 2020

Why it's crucial to make sure you’re up-to-date with the latest tech.

Technology in business is vital for operational efficiency, customer satisfaction and marketing to name a few.

Good staff, a great product range, and transparent goals and objectives are the building blocks of success.  However, real and sustainable growth only comes with embracing ever-changing advancements in technology.

Maintaining a solid IT infrastructure helps businesses operate and transact more efficiently - and can even reduce costs. Falling out of step with the digital environment, however, can significantly disadvantage operational effectiveness.

Here are some points that highlight the importance of upgrading business IT systems:


Security of Data

Data security is now at the forefront of business and compliance risk.  Outdated hardware and software can result in system downtimes and severe severe data corruption, breach or loss.  The real cost to a business can be catastrophic and directly impacts the bottom line, productivity and reputation. 


Flexibility and Functionality

We all know staff engagement drives productivity and growth. Using outmoded laptops and desktop computers and inadequate IT infrastructure leads to frustration amongst staff.  It limits their daily productivity and hinders the flexibility that modern workplaces require. 

The remote workforce is a developing feature of doing business.  Even more so in recent months, amid the COVID-19 pandemic. In fact, a recent Roy Morgan survey found that in July 2020 nearly a third of all working Aussies in Victoria and NSW now worked from home instead of in the office .

Without the technology to support work-from-home initiatives, businesses can lose their competitive edge, or worse still, be forced to close. 


Professionalism & Image

Portable technology like tablets and laptops enable staff to work beyond the confines of the office. But if this technology is suffering downtime or sub-standard performance, staff productivity drops, customer experience is not optimised and the business bottom line suffers.

Change is constant

Technology is always changing. While businesses might believe their existing technology is adequate, the shifting digital environment means it might not be for long.

Those businesses on growth trajectories invest in technology and information systems to get an edge over competitors and meet market expectations.

Keeping up-to-date with advances in technology can put a drain on business capital.

Using technology finance, a form of equipment finance, can be a great way to upgrade a business's tech with that large upfront capital drain. 

Computers, servers, laptops, and other peripherals, can be acquired using a number of different equipment financing solutions. For example, a secured loan over an agreed term means that you own the equipment from day one but don't have the large upfront cost.  You pay it off over the agreed term with fixed monthly payments.  Your accountant or financial advisor may even be able to secure a tax benefit for you. .

By enlisting the expertise of a finance company like Earlypay, businesses can review their finance options to quickly access the necessary resources to improve company IT systems - and operate more productively and efficiently.

To learn more about how Earlypay can help with your equipment financing needs, call us on 1300 780 895, or email us at [email protected]

If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].