With a recession looming, naturally many companies are looking for ways to cut spending, but did you know it can actually be more costly to not replace equipment that desperately need it?
You read that right. It can cost MORE to not replace aging equipment.
Here's what I am talking about:
- Opportunity Cost: Aging equipment often runs slower and has more issues. This causes a drop in production. So now you are paying someone more money for less work, through no fault of theirs.
- Staffing Cost: A 2021 study found that nearly a third of employees quit their jobs because the technology their companies provided was outdated and a barrier to their productivity. I think we all know how much money goes into hiring and training new staff.
- Downtime: Obviously older equipment is likely to fail more than new equipment. It is also less likely to be covered under warranty, so getting parts replaced not only costs A LOT more money, but it takes longer as those devices aren't prioritized compared to those still under warranty.
- Loss of Security: At some point developers stop supporting older hardware and eventually that leads to gaps in security patching of older hardware. When developers stop support, hackers ramp up their efforts to exploit older tech with these gaps.
Now you may be looking at what you have spent in the past and are nervous with the looming recession. I totally understand.
Here are some ways to be current with technology, AND save money.
- Evaluate other brands. You don't have to buy the same brand you've been buying because that's what the company has done for 20 years.
- Don't shy away from Accidental Damage Protection or Upgraded Warranty options. These are your tools. If they break, they cost money to fix and cost you time and production. Is that worth the 'no' for the $40 a year*.
- Extend your warranties. SSI can assist with getting your current machines covered if they have expired.
- Develop a hardware lifecycle plan. By having a plan in place, you will have a pretty great idea of yearly budgets. Your staff will get fresh equipment and they will know when they are due for new equipment, preventing them from constantly asking for something new. Your equipment will also be supported with the most current hardware security patches, leaving you and your company less vulnerable to cyber attacks.
Now, these things take time to research and develop and you may not have that availability. The best part of this is, we can do it for you. Our department is a complimentary service just by being an SSI customer. I have worked with customers just like yours on these plans and processes and it really does make a difference.
SSI can help you better understand your company, your budget, and technology goals and show you options and plans that work for you. Learn how to save for 2023 and beyond.