How IT finance can help improve your IT strategy

2020 is not like other years, for everyone, but especially for businesses. The changing economic scenarios and the realities of lockdown life have forced many business owners to adapt to new ways of working, and technology is undoubtedly at the heart of these changes.

Companies may find themselves needing new IT assets and equipment to enact the changes they need to make the business survive and thrive, moving to an entirely remote workforce for example, but not have the fund to do. That is where the wide range of IT finance options come into play.

Having a solid IT strategy is essential for company success and there are many reasons to update your IT hardware. Whether leasing or outright purchase, IT finance can play a huge role in your new IT strategy – these are the ways it can help your business: 

Make the cost of new IT equipment affordable

Computer upgrades across a business can be expensive and a huge blow to the cash flow. This often puts business owners in the mindset of only updating to the latest models when it is absolutely necessary. They have paid a certain amount out and need to get a certain level of return. The longer the machines are in use the better this ROI is.

But this is often a false economy, with out-of-date machines causing productivity issues and frustrating staff. Focusing simply on the cost-effectiveness of current IT purchase and not considering the computer's performance when reinvesting is not effective.

The “sunk cost” of IT investment is removed by leasing and other forms of IT finance, the machines are only paid for while being used when leased allowing you the freedom to upgrade.

Keep your staff happy with the technology

We’ve all been trapped in a frustrating work void with a slow computer that won’t allow you to keep up with your workload and can’t handle the latest software updates. It’s a fact that in the scenario, staff lose sanity and start to cut corners (they have to)!

Staff should love the technology they use and it should allow them to achieve more by doing less – that is what these tools are for. Companies often shy away from innovation because of the costs of upgrading.

Leasing, or purchasing with other finance options, can allow you to quickly and affordably update your hardware to keep you, and the staff, on the cutting edge and working to the best of their capacity.

Allow different upgrades for different departments at different times

It is unlikely that every member of staff, in each individual department, within a business will have the same IT requirements. Some will require more powerful computers, some machines will age at different rates. Some businesses overlook this fact, providing the same machines to all staff across the board.

The lack of flexibility could be leaving some staff without the means to work effectively in their role. Leasing machines provides the ability to change, add and upgrade IT hardware when, and where, it is needed in your business.

Allows you to experiment

Technology improves and changes all the time, new ways of doing things come almost as fast as you can think of new ideas! But how will these exciting developments work within your business? The fact is you won’t know until you test them out.

This can be an expensive way to experiment with innovations. Buying new hardware and software with every development is a sure-fire way to have bad cash flow.

Short-term leases will allow you to experiment with new equipment without making the on-going financial commitment to them in the long run. You can try them out in a practical scenario and solicit feedback before deciding on how to progress.

As the business grows or changes tact you will also have the flexibility to change technological direction with ease.