Safeguard Your Business: New Technology & Upgrades (Part 3 of 6)

Part 3 of our 6 part series where we explore some of the most common security risks and challenges executive leadership in organizations face and guidance on how to address them.

If you are like most corporate executives, technology is a skill set you just don’t have. Very few have both the ability to run a company and be technically knowledgeable. For most of us, we are at the mercy of the IT departments or the vendors we have come to know. Trust is not so easy to accept, especially when you feel the vendors have their hands in your pocket. The lack of technical knowledge is not our fault. It has become nearly impossible to remain up to date as technology changes at the current pace. According to Stanford University’s AI Index 2019 annual report¹, the speed of artificial intelligence (AI) is outpacing Moore’s Law. In 1965, Moore’s Law mapped out how processor size and speeds would double every 18 months to two years. Processors would at some point shrink to the size of DNA particles with speeds doubling at each new development. Moore believed that by 2025 we would outpace his theory. Welcome to the 21st Century.

Implementing new technology or upgrading existing systems can bring many benefits, such as increased efficiency, improved customer experience, and analytical capabilities which can drive revenue. The amount of data collected by security systems today has a far greater value, more than looking at securing perimeters and allowing proper access. In security, we look for patterns to infiltrate our inner sanctum, but the analytics have a value to market we never anticipated, and it creates a revenue stream. I will talk more about this in another article.

Changes can also create pain points for executives who are responsible for overseeing the implementation process. Some of the most common executive pain points for new technology and upgrades include concerns about data security, disruption to operations, resistance to change, and cost. 

Let’s look briefly at each of these pain points:

1. Data security: Ransomware, phishing, identity theft and intellectual property theft are at an all-time high. Having proper firewalls and virus killers today is not enough. This makes data security a top priority when implementing new technology or upgrading existing systems². Ongoing education with the entire team is a must.
2. Disruption to operations: Implementing a new system and cutting out the old is always a tenuous moment for leadership when it comes to turning on a new system. Not only can the disruption put your facility at risk by having no access or visitor management controls in place, but it can also affect productivity and in turn a reduction in revenue. Executives need to carefully plan and manage the implementation process to minimize disruption and ensure a smooth transition³.
3. Resistance to change: Not everyone likes to change. If a system is not broken, why fix it? The answer may be simple. When it does break and you must replace it, the versions you need to install could be three to four generations newer. Communication is key to addressing this pain point and ensuring the entire team is on board with the changes⁴.
4. Cost: Probably one of the most important pain points is cost. It is always about the money. What upgrades are necessary and what can be held back is always a consideration. You should consider what are “must haves” compared to “nice to have”. Most operations never look at the five-year plan to determine what changes are needed for the next five years. Proper planning and budgeting are critical. Don’t forget to include not only the cost of the technology itself, but also the cost of training employees, and ensuring data security⁵.

Is your business prepared to face today’s ever-evolving security risks? Learn how to identify and overcome critical threats with our previous blog post: Safeguard Your Business: Identifying & Overcoming Critical Security Risks (Part 1 of 6).

If you would like to discuss any of the pain points described above, we encourage you to call our office at 914-576-8706 to set up a free consultation session.

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Sources:

1. Stanford University finds that AI is outpacing Moore’s Law | Computer Weekly
2. “Top 4 IT Pain Points For 2023—and How To Tackle Them.” Forbes.
3. “Top Organizational Change Pain Points.” Third Stage Consulting.
4. “Digital Transformation: 3 People Pain Points.” Enterprisers Project.
5. “The Top 5 Challenges Executives Face When Implementing New Technology.” Business Bee.