5 Factors Affecting the Useful Life of IT Assets

IT hardware is among the most vital components of a company's infrastructure. But, it is also subject to aging and decay. IT assets' performance generally drops with time due to wear and tear and excessive use. Hence, companies must extend the useful life of their technology assets to harness their full potential. The useful life (also known as the service life) of an IT asset is the duration during which it performs its desired functionality without any errors. The IT asset cannot yield any monetary benefits for a company post its service life. Hence, increasing the service life of an asset is vital for companies to stay profitable in the long run.

Outlined below are key factors that affect the useful life of your technology assets:

• Asset usage pattern: Excessive usage increases the chances of asset wear and tear, shortening its service life. Rough usage and sudden start/stop events also decrease the useful life of an asset. Similarly, assets that stay unused for longer face a decline in their service life.
• Asset age at the time of purchase: While buying IT gear, you must check its manufacturing year. IT asset performance and service life decline after several years from the date of manufacture. Purchasing an asset post several years from its manufacturing date is risky. Such outdated assets often fail to meet your current business and technology needs.
• Technology advancement: Technological improvements are happening at the speed of light currently. An asset can quickly become obsolete within a few years of purchase due to the introduction of modern technologies. Assets that don't support the latest technologies often end up being unused. As a result, their useful life decreases too.
• Maintenance and repair: Poor handling and maintenance of an IT asset can decrease its useful life. Often companies delay asset repair and maintenance activities due to cost constraints. As a result, their assets' service life and performance drop drastically.
• Environmental conditions: Assets placed in adverse weather conditions (high temperature, etc.) have a shorter service life. They are more likely to fail or underperform due to poor environmental conditions.

How to extend the useful life of your IT hardware

Businesses can increase their profits by increasing the useful life of their IT assets. It also helps them recover maximum value from their technology investments. Below are some tactics that companies can use to boost the service life of their IT hardware:

• Perform proactive maintenance: Regular maintenance of IT gear is an effective way to add more years to its useful life. You can set up a robust maintenance program to ensure smooth and risk-free asset operations. It helps you reduce the possibility of sudden asset failure. It allows you to identify faulty assets that can cripple your business operations. With regular repair, you can prepare your assets for long-term use. It also optimizes your business productivity and operational costs.
• Seek extended warranty and support: Purchase IT hardware with an extended warranty and support. It is a great way to extend the useful life of your technology gear. Some reputed hardware vendors provide a lifetime warranty with their products. You can buy IT assets from such vendors to ensure a longer asset lifespan. Further, perform due diligence during asset purchase to avoid any hiccups afterward.
• Invest in high-quality spare parts: Look for authorized vendors when buying spare parts for your mission-critical technology assets. These vendors ensure you get high-quality, original replacement parts for your IT hardware. Buying original spare parts can boost the performance and life of your IT gear. It also reduces the chances of events like asset malfunction and unnecessary stops.
• Adhere to the equipment manufacturer guidelines: Improper handling and use often lead to asset wear and tear, reducing its useful life. Hence, it is important to create standard procedures for proper asset usage. You must follow the user manuals and vendor guidelines for installing and operating an asset. These guidelines offer valuable insights into spare part replacement and asset repair processes. Following the vendor recommendations allow you to ensure a prolonged asset lifespan.
• Set up quality training programs: Setting up a training program or workshop is ideal before installing new technology gear in your company. It helps your employees become familiar with the newly employed IT asset. They can understand the peculiarities of the new hardware and how to use it properly without any risk. Organizing such programs also reduces the chances of asset failure due to improper use. This, in turn, boosts the service life of your IT asset. The product adoption rate also increases when you organize such training programs.

Maximize your technology investment returns with CXtec

Your business can't survive without the proper functioning of IT equipment. Hence, it is vital to partner with a reliable technology vendor who can help improve your asset health and performance. With over 40 years of experience in the IT hardware market, CXtec can be the perfect partner to manage the complete lifecycle of your assets. We help prolong the service life of your IT assets through our RapidCare® aftermarket services. Through this cost-effective service, we take complete care of your hardware maintenance needs.

RapidCare service provides a single, easy-to-manage maintenance contract for all your hardware. Besides maintenance, we also provide support for IT asset installation and disposal. This allows you to focus on business growth activities without worrying about hardware management tasks. To learn more about our IT services, visit this page.