How to Include IT Equipment Refresh in Your Yearly Budget

Refreshing your IT materials as due dates come up can help your company in many ways. For example, wouldn't it be nice if technology lasted forever? But it doesn't. The principle of equipment refresh works on the assumption that technology only has a working shelf life of three to five years and needs to be replaced after that.

Most mid- to large-range companies have servers, computers, wireless and wired infrastructure, scanners, printers, and other technology they need to complete daily work tasks. Your clients rely on your equipment to work properly and quickly. If you can't promise security and speed, they could easily look elsewhere for the services you provide. It's better not to risk it, so keep reading to learn more about how you can include IT equipment refresh in your budget.

Why Your IT Budget Forecast Needs to Include Updated Equipment

If you don't plan to replace your equipment when its usefulness runs out, you're setting yourself up for failure. Either you will end up buying cheap equipment that only ends up working for a year or two, or you'll have to come up with money your business doesn't have to update all your equipment. Worse still, however, is the idea that you might try to get by on outdated hardware.

While using outdated hardware might not seem like a bad idea, it'll end up costing your business more than you think. To keep it operating, you'll have to plan regular maintenance. If your hardware isn't supported, you might end up paying a lot of money in parts replacement. You might have to sacrifice the speed that you would have received if you had gone with the newer models of your equipment. When you know you have an equipment refresh on the horizon, you'll be able to work toward seamless system migrations and better serve your clients.

How to Budget for IT Equipment Refresh

Instead of only spending money on IT every three to five years, set money aside in each quarterly budget. Even if you don't end up spending that money for that quarter, don't let it go to other parts of your business. Saving it will allow your business to have the funds on hand for when your employees need something updated or maintained. You'll also be able to purchase new server infrastructure without having to break the bank when the time comes.

Asset Panda understands the importance of keeping your technology up to date. With our equipment tracking software, you can schedule tech updates years in advance. Our system will notify you when the time comes to start looking for replacements, so you don't have to worry about it.

You'll also be able to keep up with necessary tech maintenance so your assets last as long as they are supposed to. Automated reminders help you make sure your equipment goes in for repairs and check-ups on time instead of relying on memory to do so. Since maintenance isn't usually a high priority, it can often get skipped or overlooked if a company is too busy.

Our clients use Asset Panda to track their IT assets and equipment. Tumblr uses our platform to track all their software licenses and other IT assets so they aren't caught unaware when it comes to their tech. Asset Panda lets you try before you buy! Sign up for a free trial today!


Bree Brouwer

Bree has held plenty of media- and marketing-related jobs over the years now, like working as a PR and marketing assistant to a Hollywood screenwriting coach, and writing content for three different digital marketing agencies.

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