Over the years, it has become a consistent pattern where businesses buy technological equipment and then treat them as assets for the long run. These businesses not only find themselves bearing huge purchase and installation costs but also add depreciation cost for the whole financial year and sometimes even for as long as they possess the asset. However, while industries all over the world are taking to unique markets growing rapidly and becoming part of newer trends, one of the most effective trend that has surfaced is renting technological equipment instead of buying it.
Renting all of the equipment might not be the smartest thing to do, since some businesses might actually need to have an asset inventory especially in production lines; you can’t just rent a production machine, that’s something you have to invest in. But what about technology that changes so rapidly, that you need an update almost once in two years? These technologies include tablets and laptops. Why invest hefty amounts of money into buying technology that you can easily rent. While the market is growing in innovative ways, it is admirable how various companies are offering technological rental such as Tablet Rental, laptop rentals, printer rentals and other IT rentals.
Gone are the days when you had to stay in one place to access technology, the advancements have brought us to the era of tablets that are accessible and absolutely easy to operate. However, the updates in software’s is so rapid that replacing bought products can become extremely costly, therefore the market has widely shifted to renting these products to reduce costs and increase working efficiency. Cost effectiveness is not the only reason why IT rentals are becoming a favored trend, some of the reasons why renting technology is better than buying it are highlighted at length.
Why Buy, When You Can Rent?
Have access to up-to-date technology
Technology is becoming a rapidly changing phenomenon, that has updates every few months, and even after a few weeks. As we mentioned beforehand, software updates are issued faster than you can get used to a new device, therefore it makes buying equipment extremely costly for small businesses. It is better if business opt to rent these technologies instead of buying them. For example, companies can rent tablets and laptops, and other mobile technology so that they can easily be replaced when new updates occur. This will enable companies to get efficient results from the technology that they use.
There are no huge expenses
Larger businesses may be able to afford buying technology and replacing it as soon as it is needed, but there are small businesses that struggle with finances and often fall back as compared to other competitors due to lack of funds. In order to become more successful and compete on the same technological level as others, smaller businesses must opt for renting tablets and laptops. Rentals hardly ever require any kind of down payment, and only have monthly expenses, this becomes a more affordable plan than actually buying something at full price.
Renting tablets and laptops might even make the overall budgeting easy as the expense is predicted and spread over an equivalent time period instead of spending a large chunk of the budget and offsetting everything else in retrospect.
Gives the business a competitive edge
If IT rentals didn’t exist, survival for the smaller businesses would have become almost impossible. Renting IT equipment is a God send to smaller companies that are competing with larger, more established firms in the market. Hiring IT equipment such as laptops and tablets for the company provides a competitive edge to the company by lowering costs while maintaining similar technological standards as those of the giants of the industry. Renting technology helps the business stay updated without draining budgets of the company.
Larger technological inventory at your disposal
When the business is financially small, but has to cater to a large workforce, buying technology that fulfils the count can become extremely difficult. In such cases, opting for rental equipment can make things easy – there is a constant availability of technological inventory in the market that will only cost money when businesses rent it. In addition to having a constant backup, businesses are also cutting back on major costs that would occur if they buy technology, maintain it, and then replace it when need arises.
Can be used at your own time needs
If a business buys a tablet or laptop, naturally they will have to use it until it is completely worn off, however if the same business rents a tablet or laptop they will not be required to hold onto it for long periods of time. In fact, renting products give the liberty of quitting whenever you want to – if you rent a tablet in January, and its need ends in March, you don’t have to keep paying for it all the way to the end of the year, instead you can return it and cut down on the expense. This advantage is extremely beneficial for businesses that function majorly on project basis.