3 Signs that You Need to Replace Your Business Technology

Most organizations today are in a constant state of flux to stay competitive in a fast-moving business environment. New business technology continues to flood into the market. Software becomes more and more user-centric, with cutting-edge technology that best serves a business’s needs. 

According to SoftwareReviews’s recent research, “80% of organizations see a positive change in satisfaction after switching vendors, capitalizing on innovative new features, including improved usability.”

Yet, the high switching cost of business software often holds organizations back from replacing software that they are not happy with. 

Here are 3 signs that it’s time for you to replace your business technology:

When your software fails to make your business effective and efficient

Most companies implement IT measures to help them respond more effectively to changing business needs. However, when those measures fail to deliver their purposes, you should consider replacing them. 

Cosmetics giant Revlon experienced a catastrophic event caused by the use of inadequate business software in 2019. Their ERP software at the time caused the company to incur expedited shipping fees and other unexpected expenses. Revlon stock price plummeted after the crisis, leading the company’s stockholders to sue. 

Moreover, as business and IT becomes increasingly interconnected, you need to continuously assess if your current software is aiding the growth of your business rather than harming it. Some of the questions you can ask are:

  • Can this product/service save the organization costs?
  • Does it increase workers’ productivity?
  • Does it align with the overall business objectives and fulfill business needs?

When the software you use stop growing alongside your business 

This is the easiest sign to identify. When your software vendor stops updating their software or fails to offer sufficient support, you should start looking for better alternatives. On one side, it indicates that the vendor might suffer from financial issues, or they decided that their product is no longer going to keep them competitive. On the other side, your business will not be able to stay adaptable to changes in the external environment, as the software stops growing with you. More importantly, outdated software increases the risk of a security breach, which no company would like to endure. 

On average, SaaS products push out 3-4 major releases a year and have minor updates throughout the year. You deserve the latest, greatest and safest software, so ask yourself:

  • Are my data and privacy protected using this product/service?
  • Are they updating new features that keep my business competitive in the industry?
  • Can this product/service scale with my business?

When your team has troubles with your current tech

From an executive level, business technology should help with decision making by providing insightful data and performance overview. If you find that your software does not help you understand where you are and which direction you are heading towards, then you might need to switch your current tech.  

From an associate level, business technology should decrease the time spent on manually doing tasks and the risks of human errors. When your team resorts to manually completing tasks due to some troubles they run into such as system crashing or mismatch in workflow, it may be a strong indication that you need to change the software you use. Some questions you can ask are:

  • Do the product/service provide data points that contribute to sound decision making?
  • Will employees choose to complete the tasks manually even if they have access to the software?
  • Are there any technical problems with the software that negatively impact the user experience? 

Chatnels is an AI-enhanced communications hub that grows with your organization. We use augmented intelligence to help you unlock higher productivity. We continue to better our product and aim to offer you the most innovative features to satisfy your business needs. More importantly, Chatnels offers reports that help you assess your team performance and make sound business decisions.

Try Chatnels for free today!

Polly Ye

Polly Ye

Intern at Excelar Technologies. Studying at UBC Sauder School of Business. Digital Marketing Enthusiast.
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