Outdated tech poses a legitimate business risk in 2024. Here’s what you can do about it

Nicola Downing, Chief Executive Officer of Ricoh Europe, emphasizes that outdated technology presents a genuine business risk in 2024. Here’s how you can address it.

In the rapidly evolving landscape of modern workplaces, the persistence of outdated technology presents a tangible risk to business operations in 2024. Our latest research findings show that despite the strides made in technological innovation, a significant portion of employees across Europe continue to grapple with IT frustrations on a daily basis.

Consider this: a mere 30% of European employees feel equipped with the necessary technology to collaborate seamlessly with other colleagues. Organisations have had several years to adapt to flexible working practices, so it’s surprising that many are still falling behind in providing the necessary technologies that facilitate collaboration and communication. In our research, flexible working arrangements emerged as a pivotal factor influencing employee retention, highlighting the increasing importance of having the right technology to effectively support such arrangements.

Given the uncertainty of the European economic situation, with the bloc’s largest economy, Germany, potentially poised for a recession, businesses would do well to prioritise retaining existing staff. Addressing the discrepancy between employee expectations and the technology available in the workplace will be fundamental to achieving this.

The productivity crunch

‘Productivity’ has been a buzz word for businesses for the past couple of years, but many companies are now reevaluating operational strategies as they are forced to do more with less amid skyrocketing costs and tightening budgets. Despite this, many employees are still not given the tools they need to succeed and collaborate effectively. In fact, our research found that one in five (20%) do not even have access to essential collaboration software such as Microsoft Teams and Zoom, whilst 29% do not have access to any collaboration hardware/hybrid meeting technology (such as AV technology such as video conferencing).

Addressing this deficit in technological provision is imperative to ensure that people are equipped and enabled to focus their efforts on high-value creative tasks. This in turn will drive business growth and increase employee fulfilment.

Transformation through automation

Heavy administrative burdens are embedded into many organisations as a result of manual processes and inconsistent systems. Currently, two fifths (41%) of European employees think their employer lags behind when it comes to adopting the latest technology, such as process automation tools. Separately, over two thirds (69%) of workers believe they would deliver more value to their company if they had the right tools and technologies in place.

Organisations should be looking to shed antiquated systems in favour of more agile solutions that streamline workflows and empower employees to focus on high-value tasks. Process automation solutions, such as document management software, can revolutionise operational efficiency by automating repetitive processes – enhancing both productivity and job satisfaction.

Securing a place in the future

For better or for worse, there appears to be a degree of recognition as to the questionable state of businesses’ tech stacks. Nearly a quarter (24%) of business decision makers acknowledge that their collaboration technology falls short of expectations and standards across the industry, making it hard for employees to do their day-to-day jobs.

While the prospect of overhauling existing infrastructure may seem daunting, our new research reveals a harsh truth: companies are failing to prioritise investment in the right technological advancements and as a result they risk losing their most valuable asset – their people.

At Ricoh, we understand that progress is a continuous journey, not a destination, and as leaders, we are often faced with difficult decisions as resources are finite. Yet, investing in the right technological advancements can no longer be viewed as a luxury but a necessity for companies striving to remain competitive and secure their future.