End of Life
Apple Podcasts: https://apple.co/2NHRRDl
What do produce and technology have in common? They both have an end of life that signals the point of no return.
You might be asking what the “end of life” is. For technology, it’s the estimated or predicted time that technology will become useless or outdated. It is not always a hard stop and can be worked around, but it’s important to know when to replace your technology.
Most businesses spend a lot of money on technology, meaning that you would most likely want it to last as long as possible. While it is good to get your money’s worth of certain systems and software, it is critical to understand that putting off updating technology when it comes to the end of its life can hinder your business from success.
You might know IT guys who nurture their personal computers for years after the estimated end of life period. Think of a person that is super into their car and constantly upgrading and replacing the mechanics when they get old. This is what an IT person is doing when they continue to hold onto devices for a while. Although this is common practice for personal computers and unimportant technology, it is not the best way to run your technology used at businesses.
When looking at the technology that is used at your business, it is important to see the value in that technology. How often is it used? What would happen if you weren’t able to use it anymore? How important is it that this technology continues running smoothly? If your business was down and you weren’t able to use that specific technology, how much would it cost your company?
If you answered any of these questions leaving you wondering how your business would function without the technology that you’re currently using, then it is time that you look at the end life of your devices and figure out a plan.
I know it can be frustrating to spend so much time and money buying and figuring out the systems that you are using, but updating systems will help your business in the long run. It’s the same as getting an oil change in your car. You don’t want to take your car in or spend the money, but it is just something that comes along with owning a car. It will also run better in for the long haul.
Come up with a depreciation plan that will help you plan when this update or device changes. This will help your business and IT team be on the same team and prepared for the future.