Fail to plan for technology obsolescence and you risk losing valuable business intelligence and encountering unforeseen expenses down the road. You can anticipate obsolescence by monitoring and tracking industry technology changes. Pay particular attention to those in the business information sector, including advancements in digital storage, so you’ll know when to upgrade or change your storage methods. And be sure that your assets aren’t stored in file formats that could soon become obsolete. Hardware is usually replaced at a slower pace than software. In fact, many IT consultants recommend replacing old hardware only when it is no longer useful. Technology may move quickly, but not so quickly that you can’t adapt.
For more on technology obsolescence, be sure to read How to Develop a Technology Investment Strategy.