Throughout the recession, many companies were hesitant to buy new computer hardware or upgrade software. For some, justifying the investment was difficult when cutting costs was the priority and aging equipment was still working.
But thanks to economic improvements, the need to provide customers with better technology, and heightened concern around cybersecurity, we’re seeing a steady increase in technology investment.
Companies that delayed updating their technology as they tried to wait out the recession now face outdated systems that hinder their ability to grow. As it becomes apparent, more businesses will decide that now is the time to invest.
The resistance to spending we’ve seen in the recent decade is fading as businesses strive to provide better experiences for their customers and remain competitive. Companies are realizing the opportunity to make the necessary updates to their business, some of which are overdue.
Read the full article on Journal of Accountancy for more details.