The rapidly evolving digital landscape has already resulted in extensive changes in the business world and innovative business tech such as IoT, digital assistants and AI are all technologies that will have a significant impact on business and societies in the future. The basics, however, are just as important if growth is one of your top business priorities.
Here are 5 ways to unlock the hidden value in your business by reducing your existing IT costs:
1. Make sure your employees have the IT equipment they need
Having reliable equipment not only enables your workforce to be more efficient and productive, it ultimately improves the customer experience and is good for the bottom line. Unfortunately, the cost of constantly upgrading equipment to meet increasing demands can be a serious pain point.
Can you imagine being able to access the equipment you need to meet your growth objectives without having to (figuratively) part with a kidney?
Here’s some good news: The growing trend of asset leasing provides organisations with a cost-effective alternative to asset procurement without the burden of ownership. With asset leasing, you can enjoy access to state-of-the art equipment without having to actually purchase it. Asset leasing helps businesses preserve their working capital and redirect their cash reserves to core business activities that can help generate profits.
Asset leasing typically includes regular technology upgrades, which can be an edge over your competitors. Due to its scalability, along with flexible payment options, you’ll also find it easier and more affordable to meet your business expansion needs or to accommodate new users by choosing the asset leasing route.
Renting laptops is just one example of equipment you can lease. You can also rent notebooks, desktops, servers, networking equipment, printers, MFDs and telephony equipment.
2. Consider a sale and leaseback
Have you considered unlocking the capital tied up in your technology assets? Businesses intent on growth are looking at technology finance as an easy way to reduce their overall IT spend. Here’s how it works: You sell your existing equipment at book value to your technology finance partner and they lease it back to you at a reduced cost, releasing instant cash.
A sale and leaseback agreement allows you to transfer depreciating assets off the company’s balance sheet and gain access to the capital previously spent on your business assets. It also enables your business to implement a regular refresh of your existing technology.
3. Get help managing your assets and contracts
As business tech has evolved, so has asset management – traditionally a tedious and time-consuming process. In today’s fast-paced business world, time is money. You need to keep your focus on running and growing your company, not on worrying about the day-to-day management of your assets. Investing in efficient lifecycle management solutions is one way that you can save both time and money when it comes to asset management. These tools assist with the administration of your assets while they are in your environment so that you can get on with the real business of generating income.
4. Think ‘pay-for-use’ for short-term projects
It can feel like a serious grudge purchase when you have to invest capital in equipment that you’re not going to use a lot. With the high cost of buying business tech, short-term rental solutions are ideal when you require IT equipment for a short-term project or corporate event – you can enjoy access to the latest technology solely through a pay-for-use model.
5. Save space and protect data with asset disposal solutions
As your company changes and grows, you will procure, lease or upgrade your IT assets (e.g. laptops, desktops, servers or mobile devices) every now and then. Not having adequate disposal policies can create a large amount of e-waste, storage overflow and space constraints – yet another hidden cost of IT equipment.
When it comes to the end of life stage, a breach of confidential data stored on your company’s devices could result in expensive legal fees and catastrophic damage to your brand’s reputation. For this reason, data needs to be safely removed and wiped off before you dispose of outdated IT hardware. IT asset disposal solutions not only ensure protection of data, but also mitigate environmental hazards. Find a service provider who provides secure data sanitisation and disposal of outdated assets from data centres, servers, and storage through to PCs, PC components and monitors.
Whether your business is a growth-focused SMME or large multinational, the old adage remains: Take care of the pennies and the pounds will take care of themselves. At InnoVent, we provide cost effective and sustainable asset leasing solutions. We also help companies and institutions finance and purchase the technology they need to run their business efficiently and keep their IT equipment up to date.
Get in touch to discuss a customised leasing solution.