So it’s more important than ever that remote staff are equipped with the latest technology that not only helps them be productive from remote locations but is up to date and running the latest hardware and software. That provides the best defense
against an increasingly threatening cyber landscape.
The question then becomes how do you best manage not only the increasing technology needs of your firm, but also its increasingly short refresh cycle to ensure your firm’s technology is up to date? Leasing and financing a firm’s technology
needs is a sound financial practice that helps the firm accomplish both. The firm can intelligently increase investments in technology while creating a refresh cycle that optimizes its spend and ensures that it’s secure. Even more so now, leasing
provides an opportunity to secure fixed rates in an increasing rate economic environment to keep costs low.
Here are four areas illustrating how leasing and financing can help your firm create a sound financial strategy for your technology needs.
1. TECHNOLOGY REFRESH TO ENSURE PRODUCTIVITY
For starters, leasing and financing helps ensure the firm has the right technology for the right amount of time. This is the key point. The right technology is an essential building block to successful adaptation in today’s market, but the useful life of technology is decreasing, platforms are proliferating, and the need to adapt has accelerated.
This means it may not be strategic in the current environment to own equipment, as the depreciable life will most likely outlast the equipment’s useful life as well as its security protocols. Instead, your legal organization should put together
a workable disposition plan combined with a technology refresh mechanism that will protect the firm from keeping outdated equipment in use that doesn’t adhere to new and increasingly high-security standards. This points to leasing as the optimal
option to procure technology and equipment over its useful life.
2. ASSET MANAGEMENT TO IMPROVE SECURITY
Leasing and financing also come with the additional benefits of asset management ― a powerful tool in any firm’s security efforts while reducing costs. With modern asset management, IT can know in real time the location and chain of ownership tied to any piece of equipment. Finance can manage all contract expirations and lease language from a single place, putting them in an optimal position to proactively manage terms and conditions and reduce costs.
“Data breach costs increased from $3.86 million to $4.24 million in 2021, the highest in the past 17 years.”
In light of today’s hybrid operations, asset management needs to be taken to the next level including mobile and remote capabilities with a mobile app to enable barcode scanning of both in-office and off-site assets. IT and finance will have the same capabilities working remotely as they have in the office.