Business leaders should note; the rent vs. buy option is a pivotal business decision in these times of uncertainty.
In normal times, businesses and organizations deal with daily challenges and uncertainties by relying on established structures and procedures. But what happens during a pandemic? During a severe crisis, uncertainty is at an all-time high, proving typical operating models inadequate or even risky. Furthermore, because this state of extreme tension on a global scale is so rare, managers and organizations may find themselves needing even more flexibility in 2020.
In a time where the business climate can change rapidly at any moment, it’s essential to weigh your options. Because different technologies are playing such a pivotal role in keeping our society productive and functional, let’s talk about how to save money and time while staying on the cutting edge of tech. More importantly, we’ll talk about why these methods can save you time, money, and hassle, specifically in times of great crisis.
Rapidly Evolving
First and foremost, one might wonder why businesses would choose to purchase equipment at all, given the rapid pace at which all technology types are continuously evolving, making old tech obsolete.
This notion remains true, even if many predict Moore’s law is to come to an end as soon as 2022.
Moore’s law states that “the number of transistors in a dense integrated circuit double about every two years,” essentially doubling the speed.
Financial executives in charge of purchasing new equipment should understand how renting instead of buying alleviates obsolescence and profitability issues and frees up their time by simplifying the procurement process.
Affordability
Whether you’re working in uncertain conditions or completing a temporary project, renting technology provides the flexibility and affordability you’ve sought after.
When renting temporary equipment, you can easily define your rental period. Whether you need your rental technology for a few days, weeks, or months, you can contact your technology rental provider once your project or event is complete to return your equipment.
Your worries of getting rid of used equipment and spending precious resources on new devices are alleviated, and your monthly technology expenses are predetermined.
Upgradability
Trying to keep up with the competition while using outdated equipment is no easy task, which brings us to another case for rental technology.
With temporary technology procurement, you can organize your rental periods around product releases so you’ll always have the latest technology at your disposal.
Not only do rentals allow you to upgrade your old equipment, but renting also gives you the capability to get your hands on the devices that might be unaffordable otherwise.
The outcome: you’re able to keep up with your larger competitors without draining your financial resources.
Scalability
Whether you need ten laptops for your remote workers or 200 high-powered desktop computers for a corporate training class, your rental provider enables you to upscale your venture at a fraction of the cost of buying all of the equipment.
The scalability of rental equipment allows you to drastically improve your project, event, or business plan without tapping into precious funds. During uncertain times like a pandemic, rental technology could be your cheapest solution for keeping your business running.
Not to mention you’d have a hard time buying dozens or hundreds of new devices given the hiccups in the supply chain.
Navigate around supply chain issues
Due to the current global supply chain issues brought on by the COVID-19 lockdown, businesses are looking elsewhere to procure their technology equipment necessities. But there’s one way to get around the standard supply chain that not many are talking about: rental equipment.
Your rental provider already has their technology in stock, which means you won’t have to wait for any components to come in from overseas. Rental providers always keep the latest and greatest technology in stock, along with tried and true cornerstones of various industries.
Ordering from a rental provider is guaranteed to drastically reduce your waiting period between ordering your equipment and receiving it.
Your rental provider provides any quantity of devices like monitors, laptops, desktops, Apple MacBook Pros, iMacs, Mac Pros, iPads, and any other tech equipment you need to keep your office, class, or department running amid times of uncertainty.
Bottom line: renting technology gets you the equipment you need, in the quantity you want, promptly and efficiently.
Reliability and Security
The rental option continues to exceed expectations when it comes to reliability and security. Rental providers back their products with the right care, including system configurations, maintenance, and user support.
Gone are the days when you have to sit on a phone for an hour to talk to tech support when you have issues with your business technologies. With a rental device, you’ll always have access to help desk support, replacement guarantees, and onsite spares at no additional cost.
For organizations that demand specific regulations and security requirements, your rental company will tailor each device accordingly to meet specific corporate or government IT departments’ compliance standards.
Flexibility
We know not everything always goes as planned. Renting equipment is a perfect solution to address last-minute developments or unexpected changes.
Do you need your equipment later than expected because the lockdown delayed an out-of-town client from arriving? Rentals provide this kind of flexibility. Let your provider know you’d like to delay your equipment delivery for a few days.
Do you need equipment as soon as possible for a quick project turnaround? Fast delivery is available for rental equipment, which ensures you minimal waiting time by avoiding delayed overseas shipments.
Simplification of the Procurement Process
For financial executives already dealing with numerous new responsibilities, on top of the old, amid the pandemic, the rental option is far less burdensome.
When your rental provider can handle all of the responsibility for technology procurement, your process is greatly simplified. A full-service rental provider will provide everything from providing professional IT staff to manage imaging and replication (if applicable), testing and setup of equipment, help desk support, breakdown, return, and rental insurance.
Having a one-stop-shop handle all of your equipment concerns also helps eliminate hidden fees associated with buying new technology.
Elimination of Hidden Expenses
When you buy technology, you’re incurring the expenses associated with that technology, for example, IT staff to manage and setup equipment, testing, and help desk support. You also have to handle the purchasing of the equipment, insurance procurement, and distribution should multiple locations be involved.
Situations like these are eliminated when renting, and the pay-as-you-go model makes a lot of sense.
According to FinancialExecutives.org, the pay-as-you-go rental model has proven to be almost twice as cost-effective as purchasing, delivering a 48 percent cost savings over purchasing when analyzed over a six-month period. This cost comparison considers all expenses associated with hardware, software, average state sales tax, cost of processing, shipping, setup, testing, installation, onsite tech support, and software upgrades.
In addition to the savings involved with procuring technology, rentals also provide soft cost savings. These savings have to do with avoiding downtime waiting for repairs or replacements, purchasing new or spare equipment, and idle equipment purchased for future endeavors or seasonal projects.
Renting also improves the end-user service turnaround by 20 percent or more, according to FinancialExecutives.org. When you procure already tested, configured, imaged equipment from a rental provider, your IT department is free to address the company’s other needs.
To sum it up, financial executives should strongly consider the rental option in our current business climate. Due to the flexibility, efficiency, and upgradability that rentals offer, you’re missing out or wasting money if you don’t consider renting instead of buying technology for your organization.
Rent Technology with Rentacomputer.com
Are you looking to save time, money, and hassle in these trying times by considering your rental options? Rentacomputer.com has been happy to help companies around the country with technology procurement in these times of uncertainty. No matter what type, quantity, or specifications you need, Rentacomputer.com and our Tech Travel Agent, Randy, can help equip your business with the necessary devices and technical support to keep the rest of the year running smoothly.
Rentacomputer.com has a large stock of equipment ready to deliver, including laptops, HD and 4K monitors, iPads, tablets, iPhones, WiFi hotspots, video conferencing equipment, and more. Not only can we supply your rentals, but we also offer custom configuration and setup, so you know everything is in working order.
Furthermore, Randy can answer any questions you have about office equipment rentals–in any capacity, for any type of office. Contact Randy today at 1-800-736-8772 ext. 225 or fill out a quick, easy online quote form. You can also connect with Randy on LinkedIn!
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*While supplies last. Two-month minimum required. Minimum of (25) units per order, free shipping to one location per order. Sales tax where applicable. Rates only valid for businesses.
About the Author
Robert Beagle is a technology enthusiast, author, blogger, and social media guru. In addition to contributing to blog.rentacomputer.com, Robert has also provided articles for blog.rentourlaptops.com, applethis.com, applethat.com, blog.camerasecuritynow.com, smbnow.com, and various other technology, business, and event manager blogs. Robert has vast knowledge and experience in technology applications for businesses small and large.
