Technology Refresh Guide

Estimated reading time: 4 minutes

In today’s constantly changing and fast-paced business environment, technology is no longer simply an option—it’s essential for your company’s operations. From streamlining processes to enhancing customer experiences, the right technology can elevate your business to new levels of productivity, security, and profitability.

If your company has old or outdated hardware, software, and systems, consider implementing a technology refresh. It’s an investment that can help future-proof your business and provide it with a number of benefits, some of which are explained in this Balboa Capital blog. You will also learn signs that your company needs a technology refresh and how to fund and implement one.

What is a technology refresh?

Simply put, a technology refresh refers to the process of updating or replacing older business technology components or systems with newer versions. This can involve upgrading hardware such as computers, servers, or networking equipment and updating software applications or operating systems to newer releases.

A technology refresh aims to improve performance, reliability, security, and functionality while ensuring the company stays current with the latest advancements.

Benefits of a technology refresh.

A technology refresh can unlock your company’s full potential and enhance its capabilities and competitiveness. Here are four key benefits associated with a technology refresh.

Greater efficiency
Outdated technology can hinder productivity and lead to operational inefficiencies. By upgrading to the latest hardware and software solutions, your company can modernize its processes, minimize downtime, and enhance overall efficiency and productivity. This improvement can help you and your employees work smarter, not harder, and complete more tasks in less time.

Reduced downtime
Servers, computers, routers, and related IT equipment that break down can impact your business and cause delays. This can also lead to frustration among your employees who have to deal with downtime. Undertaking a technology refresh can minimize or completely eradicate any potential periods of system downtime.

Enhanced security
Upgrading your technology can also lead to enhanced security measures, protecting your company’s systems and data from potential cyber threats and vulnerabilities and the financial losses, legal issues, and lost credibility that can result.

Cost savings
Implementing a technology refresh can streamline processes, automate repetitive tasks, and optimize resource usage, resulting in significant cost savings. These savings can be reinvested in other areas of your company to drive growth and innovation.

Signs that your company needs a technology refresh.

As technology ages, it naturally becomes slower, less efficient, and more vulnerable to cyber threats. Common warning signs that should not be ignored include sluggish computer systems, frequent system crashes, suspicious popups, compatibility issues, and Internet connection issues. If you’re experiencing any of these problems, it’s a clear indication that your company’s technology needs an overhaul.

Next, software that has not received an update in a long time or isn’t compatible with your current systems is a sign that you might need a software upgrade or consider switching to a different software provider.

Finally, take the time to communicate with your employees and inquire whether they have encountered any challenges or difficulties with your company’s operational systems. It’s essential to prioritize their feedback and promptly address any issues they may be facing.

How to fund your company’s technology refresh.

Every small business and middle-market company is unique and has its own technology needs and budget. Before you move forward, you need to assess your company’s current infrastructure for areas that are outdated, underperforming, or no longer aligned with your business needs. Conduct a comprehensive audit of your existing technology assets, including hardware, software, and systems.

Once this step has been completed, you can identify what you need to upgrade and contact hardware and software equipment vendors. Investing in a technology refresh requires capital, but the long-term impacts of improved operational efficiency, productivity, and security will outweigh the cost.

One way to fund a technology refresh without depleting your company’s capital is to finance it. Technology equipment financing is a popular option among small businesses and middle-market companies in all industries nationwide. It doesn’t require the cash outlay for a big technology purchase, and the monthly payments are designed to work with your budget. In addition, many types of business technology are eligible for the Section 179 tax deduction. Consult with your accountant to confirm that the technology you are interested in qualifies.

Properly dispose of technology waste.

When you update your company’s computers, servers, scanners, printers, and other technologies, it is essential to dispose of the old electronic waste (e-waste) properly. Doing so can help protect the environment. Before recycling your old technology, have your IT team wipe all data from the devices to prevent any sensitive information from being accessed.

Technology can be recycled at certified e-waste recycling centers. Alternatively, you can donate your old technology to a local nonprofit organization that assists students and less fortunate individuals.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.