Decision Acuity : Two Sides Of New Technology & Face Of Refurbished Tech
Enormous number of companies and millions of minds are running wild on the global platform. In the fast developing environment, you must entertain only those updates which are putting you a step forward. When it comes to technology, the obvious choice would be buying a new equipment. However, like two sides of a coin, your decision will also depend upon which side dominates.
For getting a clearer idea, sorting out the pros and cons is the best technique.
IS IT AN ASSET OR A LIABILITY?
1. Upgrade To Latest Technology
Buying a new device is synonymous to speeding up process, decreasing duration and integrating functionality into your company. Whether it’s a new software or machine, there’s no other way to have it all together.
2. Efficiency Booster
Computerization has evolved as a tool for better accuracy to have high precision products. Therefore, newer an equipment, better the results.
3. Living The Competition
No ordinary man has ever ruled the world. To be the first one hijacking the senses of your consumers, invest at the right time and on the right place. Introducing a brand new, feature-loaded equipment can increase your revenue multiple folds.
4. Get Eligible For Tax Incentives
Qualifying Section 179 of Tax Deductions means a lot to business owners as they can actually reduce the cost of equipment bought in the particular tax year from the tax they pay to the government. The major limitation on buying used machine is that depreciation deductions are not available on them.
5. Stay Protected With Warranties & Technical Support
There’s no way you’re going to handle it all by your self when your device freezes. There’s no time to waste and that’s why warranties and technical support from the vendor will come to your rescue.
6. No Harm On Campus
Your work place is guaranteed to be a safe environment and new machine brings energy efficient. Along with saving big on bills, you’re also driving your employees to advanced future with confidence in your actions.
7. Boost Company’s Stature
Deluding your customers is impossible and image building is a slow process. To fast track the process, invest in profit cultivating technology. Confidence on a brand is equally proportional to the transparency it holds for it’s customer. Start giving out strong vibes to your competitors that you are here to stay.
SAY NO TO NEW TECH BECAUSE …
1. More & More Money
Investment is not only in the billing and transportation of the equipment or machinery but also in process upgrade, training of workers and working cost. It requires that you are highly calculative while making a decision because every new installment takes time to reach the break-even point.
2. Maintenance Worries & Duties
Timely repair of wear and tear of the machine is important. The tricky part is to find the best serviceman when the technology is new in town. Either you compromise on life of the equipment or you rely on an inexperienced worker to put your process back on track; anyway it’s a settlement or choice.
3. Integrate Regular Updates
Well, the saga of every iPhone owner is to cry within a few months as the technology is updating at striking speed. Launch of new version of device or added feature to a machine is so prominent that you can’t miss out on them. But, the integration is time taking, energy consuming and money sinking.
4. End Of The Process
There’s always a possibility that your current product or services wouldn’t require this new upgraded tech in future. If requires the knowledge of current scientific advancements that would change the coming future. If your business comes under that category then it’s better to opt for a less expensive alternative.
COMTEMPLATE YOUR DECISION : NEW OR REFURBISHED TECH
Decision making is easier when broken into segments leading to a destination.
Financial Outbreak : If the dollars’ input is not that significant then you might not ponder upon it much. However, if you’re playing a risky bet then having a proper calculation will help you know what is the depreciation value of the tech, investment’s break-even point and minimum cost of replacement. These financial terms can help you lead through a decision. For example, new device costs $40,000 dollars and refurbished comes for $25,000 but depreciation cost of latter is greater that rounds up to negligible salvage value in 2 years where the other one is still at $20,000. The obvious choice would be to buy a new device.
Duration Expectation : Are you buying expensive tech for an year? Or will it run up to a decade? What are the chances of future invention? Is it reestablishing the cost implied within a small time frame? Are you expecting optimal profit? These are some strings of the questions which you need to answer before understanding ‘Cost Vs. Time’ graph.
Process Integration : Is it worth to bring revolution in your current process? Are your employees ready to get upgraded? Do you have proper enforcement team? If it’s a yes to all these questions, then you are ready to get a new tech else you must invest in a low costing deal for better preparation.
In A Nutshell
If you are weighing all possibilities well then you might say yes to bring home the new tech in most of the cases. But in few circumstances, to save a big deal of loss you might have to go for refurbished tech. The call is yours.