If you fail to update Software or its patches, there are both advantages as well as disadvantages. I have seen so many people who don't bother to do software update. I personally like keeping all my software packages and applications in the latest patch. Unless I'm away from WiFi, I will update all my applications on the mobile phone and do the same for my desktop applications as well.
New features
If you don't update software packages and its patches, there is a high possibility that you might miss out some good updates provided by the software provider. There can be lots of new features introduced as part of the new release, if you don't upgrade your software to latest version, you will not be able to use use those new features. If you are someone looking forward to have a great feature in your software application, you have to do the update without any hesitation.
Issue fixes
As part of a new release, every software provider will be doing some bug fixes as well. These bug fixes can be related to stability issues or usability or even performance. If you fail to update your software to latest package, you will not get those bug fixes and end up using the application with all the bugs.
No further support
Some software providers will not provide support for older versions. In such a case, they will force you to upgrade to latest version. If you decide to continue in the previous version or older version, then you might end up using a product without support from the developers.
Risk in updating
Some software packages might work very well in their previous versions. There will not be any big necessity to upgrade them to the latest versions. At the same time, the upgrade can also bring some potential risks. The latest version can come with some bug fixes but also with some new bugs. We will not be able to identify those bugs straight away. The risk here is that you will not know if the upgrade will be successful or not. Your existing working application can also get affected because of the issues.
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