TECHNOLOGY

Improving sustainability in finance with an effective IT lifecycle

Improving sustainability in finance with an effective IT lifecycle

By Carmen Ene, CEO of 3 Step IT

In the coming years, sustainability will become an even more critical factor within the financial industry than it already is. Many businesses have already applied environmental, social and governance criteria to many of their internal strategies and external decisions to create long-term value and credibility.

In a recent study, 62% of executives reported that they consider sustainability a necessity to be competitive in today’s market, and a further 22% believe it will be in the future. Sustainability drives ethical business practices and acts as a key motivator for staff. One area that has seen a significant uptake with regard to sustainability is IT, with many businesses globally switching their IT asset management solutions for more sustainable, cost-effective and environmentally friendly systems.

IT lifecycle management systems help businesses manage their devices more effectively, resulting in improvements to overall IT operations, increased employee productivity and a reduction in costs commonly associated with technology devices. By utilising these sustainable systems, businesses also benefit from an increase in sustainability credentials and a reduced carbon footprint.

Let’s consider why businesses should look to implement an IT lifecycle management solution and save valuable resource and reduce carbon emissions on the environment.

Financial flexibility

IDC research revealed that refreshing PCs every three years reduces costs by 24% compared to hanging on to a single PC for twice as long. This is due to maintenance and support costs rising at an increased rate year-on-year when devices are used for longer.

Reducing costs is an essential part of any business model, and for many, upgrading expensive IT devices can often be relegated to the bottom of the budget list. IT lifecycle management systems help businesses to reduce unnecessary expenditure, manage costs across a long period of time, and predict future spend that can be calculated into a budget.

By showcasing how costs have been reduced and saved through an IT lifecycle management system, businesses can promote a healthy sustainable model. Much like University of Wales Trinity St David, whose financially flexible IT lifecycle solution allowed them to easily control IT so they could focus on the full student experience.

Secure data

Data protection and security are now more topical than ever. 2018 has been a particularly transformational year for data, with the introduction of GDPR putting customers back in control. From a financial business point of view, consider the sheer amount of data that is generated on a daily basis. Clearly, it is imperative that this data is completely secure. So when businesses come to dispose of their IT devices, it is critical to understand how the data is disposed of securely, conforming to existing rules or regulations in place. This was the case for Global Connect, provider of fibre network and data solutions. Responsible for managing 30% of the datasphere in Denmark, and moving customer data across several platforms, Global Connect has a delicate job. It has adopted an IT lifecycle management solution, to keep track of their equipment and ensure that equipment is returned and the data wiped. The company can now make the most of auditable, certified data deletion that protects the business, and ensures data is disposed of correctly and ethically.

Asset control

Exercising control over assets in corporate businesses that employ thousands of staff members can be challenging. With the help of an IT lifecycle, financial businesses can benefit from easier admin and up-to-date device inventories to support the day-to-day device management and planning for staff. This will result in more satisfied and productive end-users with regular, on-time IT refreshes giving them access to the latest technology devices.

Many businesses are faced with the dilemma of how to dispose of end of life devices – or indeed whether to dispose of them, in case they are required later down the line. By monitoring the life of IT systems and reusing equipment, businesses can save valuable resources and reduce carbon emissions on the environment. However, utilising an IT lifecycle system that disposes of hardware sustainability allows businesses to benefit from quality and authentic credentials that can boost its sustainability reputation.

The benefits for IT staff are countless. The time spent worrying about when a computer is coming up to a refresh will be significantly reduced with a management system that can monitor this for them. They will be able to oversee assets and effectively streamline its IT refresh strategy. This is why law firm Wedlake Bell invested in an IT asset management solution; the entire service allows the business to pursue its IT refresh strategy and to replace devices after a specific amount of time in a simple, secure and cost effective manner – making it a vital solution to the successful running of their IT department.

By implementing an effective IT lifecycle management system, businesses in the finance industry can benefit from a reduction in spend across their IT products, streamlined processes and healthy sustainable business model. At the rate that sustainability issues are gaining traction within the industry, it is essential for businesses to implement a long-term sustainable success plan for the future.

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