IT pros aren't the only ones facing headaches over bring-your-own-device policies. Financing the mobile workplace comes with its own set of challenges.
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Although most companies are used to financing their company-owned hardware and software licensing agreements, many are still not quite sure how to approach the plethora of devices that come into play when implementing a BYOD policy.
As employees depend more on their personal devices to get work done, the costs of BYOD are inevitably shifting to the enterprise. On top of this, the risks associated with unsecured personal devices accessing a company's network have increased to the point that not securing a single device within a BYOD ecosystem almost guarantees your network will face security breaches.
To deal with these challenges and remain competitive, tech and financing executives are combining forces to create long-term strategies to fund, safeguard and grow their mobile workforces. Here are some tips on how to use sound financing policies for your BYOD rollout.
1. Hybrid BYOD and company-provided device financing arrangements can give you the flexibility you need.
When implementing a technology-financing policy within your company, don't think you necessarily need to permanently designate your office as either a BYOD or a company-owned-device workplace. Equipment and software financing may be used for both BYOD and company-provided tablets and smartphones.
Combinations of BYOD and company-provided device financing arrangements offer a flexible option that can be tailored to best suit the way you conduct business.
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Whether devices are BYOD or company owned, a key question that companies should ask is how devices or software licenses will be used.
In short, the equipment or software must be important enough that users would suffer a business interruption or a financial hardship if it were removed or were to go out of service. Lenders will want to know if the devices themselves are central to your company's computing and communications strategy.
If it passes these tests and your company is otherwise credit-worthy, the device or software in question can typically be financed over a two- to four-year term. If you're in the beginning stages of financing BYOD devices, it's also important to educate your employees on what your specific financing arrangement will and will not cover.
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