From rising maintenance costs and increasing data security requirements, to a need to integrate continually changing technologies into the classroom to attract and retain high calibre staff and students, the education sector is experiencing significant change when it comes to decision making for IT investments and the associated buying cycles.
With flexible funding options, Church Resources partner, Maia Financial can hep you identify the asset finance structure that’s right for your school’s technology acquisitions.
Read on for tips on your IT audit process, an asset management checklist and details of finance options for all your future technology needs.
According to the Equipment Leasing and Finance Association (ELFA), one of the top 10 acquisition trends for 2019 focuses around the sentiment of preventing obsolescence as a top priority for capital spending.
IT management costs increase if new tech is not introduced. Costs for supporting increased service calls associated with maintaining out of date technology become expensive. Companies are adopting use-based models that allow them to bring new hardware or software into their infrastructure with less risk and more control over costs. IT managers are tasked not only with sourcing the proper devices, services and infrastructure equipment, but also maintaining it for users and cycling through upgrades.
Asset audits usually involve the collation of inventory lists and spreadsheets from across the organisation. This may be led by the IT manager or even an internal project manager.
To truly understand how growth opportunities can be supported by your tech inventory, it may be worth recruiting a broader team. You need people involved who know what’s going on operationally, the challenges they face, and how a change in equipment or technology could be most effective in meeting those challenges.
Getting internal stakeholders on board is key however, consulting with key manufacturers and suppliers is also worthwhile. They can provide important updates on new technology available and how expected product developments might shape plans for future upgrades.
As industry specialists, the team at Maia Financial can also offer valuable insights to help your organisation get more from your current inventory. We work with you to understand how assets are used, so that we can help you identify opportunities to deploy them elsewhere on campus or within the organisation. Sometimes assets are held for a single purpose, for seasonal use for example, and aren’t being used to their full potential as a result. We can also explore options to enhance or upgrade equipment instead of replacing it altogether.
When assets have reached the end of their useful life, there are sometimes important financial barriers to an upgrade or replacement. It takes a certain discipline to decommission an asset your organisation may have sunk substantial funds into. Or maybe the expected life of the technology was six years and it has only lasted two. A solution from Maia Financial can resolve budget and cash flow problems presented by both these issues. By taking care of disposal, procurement, reshuffling payment schedules and contracts we can limit the practical and financial impact of a necessary asset transition.
Contact Church Resources for any questions regarding your school’s requirements for the new academic year!