Should You Invest in Brand-New Technology for Your Business
While the market is overwhelmed with a diverse range of equipment that comes with the latest bells and whistles, the brand new technology is not always the best choice in every situation or for every business.
Whether you are looking for POS terminals, desktop computers, laptops, or smartphones, purchasing a new hardware for a business is a difficult decision to make.
For example, sometimes it’s more cost-effective to go with reliable, established programs or refurbished models which are proven to work well. On the other, new technologies could be a big morale booster and set you apart from your competitors.
As with any other business buying decision, there are advantages and disadvantages of investing in brand-new technology. Read on to find out the main pros and cons.
One of the biggest benefits of investing in new business technology is quite obvious: It is new. The brand-new devices look trendy and typically last for quite a while. Yet, this mostly depends on what type of technology you’re buying. As for the refurbished technology, chances are high you’ll get a product that is already half-way through its life cycle.
It could be a daunting challenge to deal with broken or bug-ridden technology. However, if it’s covered by a warranty, the replacement or repairs will not cost you a fortune. When buying refurbished technology, you may have the possibility to get a warranty too, but it is usually shorter than a warranty that comes with new products.
If you run a business, chances are high that you’ve dealt with sluggish phones or computers. Everyone feels much better when dealing with brand-new technologies. New technology may provide you and your employees with peace of mind and increase office morale as well.
Set Your Business Apart From Competitors
No matter what field you’re in, running a company with the latest technology can separate you from your competition. Your consumers are likely to be fascinated by the commitment of your company to changing and improving the workplace. That eventually makes a good reputation of a business.
One of the biggest issues with purchasing brand-new technology is a great potential for computer and software bugs that have not been recognized or worked out by developers. If these tech problems go unnoticed during quality assurance and production, they can wreak havoc on your business.
Be careful with the first-generation products that are new on the market so as not to encounter bugs and technical problems. It is wise to wait out a couple of months after the release and buy a new piece of tech after its update.
Another significant con to purchasing brand-new technologies is that they are costly compared to older or refurbished tech. Luckily, there are a lot of low-cost options for using or buying refurbished tech that can still work for your business. Refurbished technology is not only more affordable but also more reliable if it is obtained from licensed sellers. So it’s a great choice for small businesses looking to save money and cut down costs.
For those who are running a business on a tight budget and still want to keep up with the latest technologies, equipment financing is a good way to go. It allows you to use the new equipment for your business and generate revenue over time.
As you can see, both new and refurbished technology come with their unique set of pros and cons. Make sure to weigh these advantages and disadvantages before you go shopping. The choice is yours!