When does sticking with a piece of legacy technology cease to simply mean a company is behind the curve and begin to be detrimental to the bottom line, and ultimately, the future of the business itself?
Lately, accumulating research suggests that time is now. Shockingly, many businesses may not even be aware of what and how much data they hold, as well as how and why to put it to proper use. Read on to discover some of the ways that today’s enterprises are hindered by legacy technology.
In a new study commissioned by SnapLogic and conducted by independent research firm Vanson Bourne, 47% of companies surveyed in the U.S. and U.K. believe disconnected data is negatively impacting their organization’s ability to innovate, develop new products and services, and get them to market quickly. At the same time, 46% said their bad data strategy is also negatively impacting their ability to engage, support, and meet the needs of customers.
According to SnapLogic, U.S. businesses alone are losing $120bn per year in wasted time, resources, duplication of efforts and missed opportunities. For many businesses, the challenges lie not just in adopting a new piece of technology or even a new technology stack, but in changing the habits and mindsets of the people involved.
The Internet of Things (IoT) represents a particularly disturbing case. A new study from the Ponemon Institute indicates that the majority of enterprises are still using legacy technologies and are not managing the risks associated with IoT. With approximately 78 percent of those surveyed believing that data loss or theft enabled by IoT device will likely occur within the next two years, you would think enterprises would be keen to patch those vulnerabilities as quickly and securely as possible.
Yet, nearly three quarters of those surveyed claimed they felt the pace of growth in IoT was making it difficult to keep up with security requirements. So while more and more enterprises are seeing the business benefits that IoT and its various use cases can provide, not nearly as many are confident they can utilize it in a truly secure way.
If it’s fear of losing control that’s holding you back, take a moment to consider what there is to lose and what there is to gain. Cloud, IoT, and SaaS offerings have the capabilities to change businesses for the better, but adopting them isn’t as simple as plugging in a new consumer device. Organizations need to be ready to commit to not only adopt the correct combination of technologies for their needs, but have the right staff with the right attitude on hand to make the most of those technologies.