How Much Is “Information Technology Debt” Hurting Your Bottom-Line?

Information Technology (IT) debt is basically the cost of maintenance needed to bring all applications up to date.Shockingly, global “Information Technology (IT) debt” will reach $500 billion this year and could rise to $1 trillion by 2015!But why should you take IT debt seriously and begin to take steps to eliminate this issue from your business?According to Gartner, the world’s leading information technology research and advisory company…It will cost businesses world-wide 500 billion dollars to “clear the backlog of maintenance” and reach a fully supported current technology environment.Gartner summarizes the problem best:”The IT management team is simply never aware of the time scale of the problem.This problem, hidden from sight, is getting bigger every year and more difficult to deal with every year.”The true danger is that systems get out of date which leads to all kinds of costly software and hardware inefficiencies.Your tech support provider can most likely do a better job at staying current with your computer and network environment.Have them start today by documenting the following:The number of applications in use
The number purchased
The number failed
The current and projected costs of both operating and improving their reliabilityAre you using this powerful formula to control your technology?There’s a powerful formula I’ll share with you in a moment that will help you adopt new technology faster in your business.In business, technology encompasses Information Technology (IT), Phone Systems and Web Development.These three layers of technology form the backbone of your business’s technology environment. Why is technology adoption so important?Without new technology adoption it’s impossible for businesses to be competitive in this economy. A major role of technology is to help businesses scale, design systems, and automate processes.Studies recently have shown that adopting technology keeps businesses leaner because entrepreneurs can do more with less.There’s evidence that new business start-ups are doing so with nearly half as many workers as they did a decade ago.For example, Wall Street Journal’s Angus Loten reported that today’s start-ups are now being launched with an average of 4.9 employees.Down from 7.5 in the 1990s, according to the Ewing Marion Kauffman Foundation, a Kansas City Research group.In other words, technology allows businesses to expand quickly with less.Researchers at Brandeirs University found that technology driven service businesses added jobs at a rate of 5.1% from 2001 to 2009; while employment overall dwindled by.5%.These businesses save money, expand, and create jobs by adopting new technologies.Are you adopting new technologies fast in your business?Speed of technology adoption is critical to your business success.Technology is changing the speed of business; now a whole industry might expand, mature, and die in months… not years.There’s one formula that illustrates this marriage between adopting technology and business success the best… and that’s the “Optimal Technology Equation.”I recommend you adopt this powerful “Optimal Technology Equation” in your business:• Maintenance + Planning + Innovation (Adoption)=
• Enhanced Technology Capabilities=
• Reduced Costs + Increased Production=
• Increased Profitability.Of course, this is only a brief explanation of this invaluable formula. Be one step ahead of the competition.