2020 has truly highlighted how fundamental technology is for organisations to operate, manage and survive. This encompasses not only the physical hardware your business operates on, but the critical software implementations and transformation projects as well as pre-existing subscription renewals that you need to keep things moving. In this article we discuss a number of benefits to financing your software.
"Australian organisations, government agencies and educators are having to adapt at a pace which is forcing them to pivot quickly to new ways of working while making tough decisions about what areas of spending will be prioritised", says IDC Australia and New Zealand Research Director, Louise Francis.
Over the past 6 months many companies have been forced to consider not only their current infrastructure but preserve cash for what will undoubtedly be challenging times ahead.
Whilst it may be tempting to place technology and digital transformation spend on the back burner, now is not the time to slow down. Investment in software upgrades or new transformation solutions should not be considered as extravagant or lavish but rather necessary. Furthermore, software and implementation services make up an increasingly larger component of infrastructure upgrades.
During the COVID-19 period, Quadrent has seen first hand a dramatic rise in the requirements for alternative payment options for software renewals and transformational project funding i.e. ERP upgrades and implementations. These have been large scale projects with multiple drawdown requirements for large institutional clients. We recently hosted a webinar on the leasing changes that we’re seeing in the market as a result of COVID-19, which you can read about here.
Quadrent has developed a unique documentation set that allows our clients to fund both hard and soft cost requirements in a seamless, single master solution, allowing business to allocate the costs accordingly. Unlike many lessors, Quadrent has funding lines and contractual IP that enable cost effective funding of both Software and implementation costs in addition to the more standard hardware funding.
There are a range of benefits to financing software including;
- Preserving and building cash reserves
- Cost effective solution to acquiring critical software
- Make the budget process easier, by shifting it to a lower pre-set monthly and quarterly lease payment
- Bundle the acquisition of hardware, software and implementation under the one Rental agreement
- Ensuring ease of upgrades
- Diversify your funding lines
If you have an upcoming software implementation up upgrade and would like to consider financing this, contact me today for a quote.