Today, all you need for position information, boat speed and track reports is a GPS. I have three GPS units (for backup in case lightning strikes the boat), one on deck one in the nav area, and one in a steel box that is isolated from the bonding system and boat ground, and is four feet away from the mast and other boat wiring. I still use an old Furuno (shown here) because it has large numbers and I can see it from any place in the cockpit (it hangs under the bimini,) day and night. Speed and heading are clearly visible. I love this unit. It is weather proof and bullet proof. With this I don’t use the log or a magnetic compass (I have a hand held compass for taking sights.)
I still carry traditional nav equipment that I paid a small fortune for when the boat was launched. The speed and log and off-course computer work, and the depth sounder was recently repaired (very expensive.) I used this equipment in the Pacific when satellite coverage was erratic (this was 1986.) It is amazing that after 40 years this B&G equipment still works. The speed and log work off AA batteries which last a year or more. In the event of satellite failures, I could still navigate.
The off-course computer calculates the distance the boat has strayed from the intended course.