New Report Reveals Shocking 80+ Hours Per Year Wasted on Outdated Workplace Tech

John Lopez, Tech Times 14 May 2023, 08:05 am

Is your workplace still using old, outdated technology? If so, you might be surprised to learn how much time and money it costs you.

TechRadar tells us that a new report by small business software provider Skynova and Atlas VPN found that workers are wasting more than 80 hours each year due to outdated technology.

Outdated Tech Is Slowing Productivity in Record Numbers

The report surveyed over 1,000 US citizens from various industries about the technology they use at work. The findings are clear: outdated tech is a significant productivity killer, particularly for millennials, who lose an average of 19.3 minutes per day, adding up to over ten working days per year.

But they are not alone. Generation X and Generation Z were also significantly impacted, wasting approximately 82 and 79 hours annually, respectively.

Which Sectors Were Hit the Hardest?

The report points out that the financial sector was hit the hardest, with workers losing nearly 24 minutes a day, or 103 hours per year, due to outdated technology.

The healthcare industry followed closely behind, with employees wasting 23 minutes daily, or approximately 100 hours yearly. Meanwhile, the government and retail sectors also lost an average of 19.4 minutes daily, amounting to 84 hours per year.

But it is not just these industries that are affected. Hospitality, food and beverage, IT, and education workers are also losing valuable time due to ancient tech. Those in these sectors lose between 16.6 and 18.2 minutes daily, resulting in 72 and 79 hours wasted annually.

Outdated Tech Opens Businesses to Various Threats

According to Atlas VPN, relying on outdated technology can leave companies vulnerable to cyberattacks and data breaches, which can result in dire consequences like bad publicity, customer loss, and direct and indirect costs.

According to statistics compiled by online security firm AAG, data breaches cost firms an average of $4.35 million in 2022. In the first half of 2022, there were around 236.1 million ransomware attacks worldwide. In 2021, one in every two American internet users' accounts have been compromised.

The Atlas VPN report also explains that while it is understandable for business owners to prioritize cost-cutting, holding onto outdated technology can ultimately prove more expensive in the long run.

Outdated software and hardware can create inefficiencies that hinder productivity and open systems to security breaches. Investing in newer technology may come with a higher price tag, but it can ultimately result in long-term savings, increased efficiency, and better security for businesses.

The Race for Adopting Latest Tech

Among all sectors examined, the financial industry has emerged as the undisputed leader in adopting cutting-edge technology, boasting an average technology age of just 3.7 years.

What does this mean for businesses and consumers alike? It is clear that investing in newer and more advanced technology is vital to staying ahead of the curve and maximizing efficiency.

By ditching outdated tools and embracing the latest innovations, companies can save valuable time and resources that would otherwise be wasted on clunky and ineffective systems.

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