fintech

Asset Lifecycle Benefits for the Financial Sector

Eric Godlove Dec 22, 2022

#hybridwork #assetmanagement #fintech

Outsourcing asset lifecycle management is the future of office work, according to Accenture. Many studies agree with them: having a trusted provider manage the details of your device fleet, from procurement, to maintenance, to recycling, is good for your workflow and for your budget. Especially in an increasingly hybrid world, device management is becoming more complex; there are a growing number of security, integration, and collaboration options to weigh.

Accenture argues that efficient lifecycle management solutions should be proactive, adaptive, practical, and focused on end-user satisfaction. We tend to agree. Below, we go through a five-minute overview of what asset lifecycle management should cover, and the benefits of choosing that route for your office.

Who Needs Asset Lifecycle Management?
We believe that any office, no matter its industry, size, or budget, can benefit from lifecycle management tools. Lifecycle management experts stay ahead of the inconveniences that can majorly throw your work off-track: we help you replace laptops before they’re too old to function well, and we monitor and respond to security breaches from employees clicking a bad link. Here are a few ways that lifecycle management benefits different team members:

Your IT Team: Your tech support team already has plenty to juggle in a day with the ad hoc demands to keep devices, apps, and networks running. Even before the pandemic began, there was concern about growing burnout in tech support. Partnering with a lifecycle management provider means that we can pay attention to the macro details of outfitting your company with the most up-to-date, reliable, and secure devices possible, while your IT team can focus on the day-to-day.
Your wider pool of employees: A growing number of employees want flexible work options. They want the option to work from home, to adapt their schedules beyond the 9 to 5, and to have user-friendly, intuitive tools for sharing documents and collaborating. They also need cybersecurity support that goes beyond occasional trainings on phishing: last year, IBM reported that despite these trainings, 95% of cyberattacks were at least partially caused by human error. Lifecycle management services provide your users with the support they need—from cloud-based provisioning that updates their devices remotely and automatically, to security monitoring that detects and isolates breaches before they can spread.
Your accountants and admin: One of the main reasons that companies sign up for Managed Services is the predictability that these services bring. The costs for asset replacement, support, security monitoring, and decommissioning are calculated up-front and on a personalized schedule. No need to tack on a huge line item to the budget when desktops start aging out. We reduce surprise expenses, wasted time ordering new devices one by one, and effort spent trying to keep track of it all.

Asset Management Covers All the Details
At Synergy, we approach lifecycle management in five steps:

Plan: Working with you, we conduct a needs assessment and develop a strategic asset plan;
Acquire: With a solid supply chain featuring manufacturers you know and trust, we buy the right products at the right time to maximize your savings and meet your IT needs;
Deploy: We give your workforce the right technology with the right configuration to exceed expectations. We schedule, install, and remove old equipment;
Support: 24x7x365, all US-based, continually monitored by our Managed Services specialists;
Decommission: We securely clear your data, recycle products responsibly, and release licenses as necessary.

Benefits to Businesses in the Financial Sector
Many of our clients are in financial services and banking, and beyond the general benefits listed above, we’ve noticed a few specific reasons that these clients opt for lifecycle management:

Data security concerns: Lifecycle management helps you to meet the strict compliance standards set for handling customer financial data. A computer that you’re throwing away can be a goldmine for hackers, who can easily retrieve sensitive data from the hard drive—sometimes even after it’s been wiped. With our decommissioning services, we help you to properly dispose of your data as well as your devices. And with our deployment and support services, we help you to keep your devices running and networks secure.
Improving customer experience: Especially in the finance sector, you want to instill confidence in your customers that you’re handling their finances and their information competently. Running on current, reliable devices that offer user-friendly ways to share information and help instill that confidence. Of course, so does not getting hacked.
Sustainable banking practices: Sustainability is a growing conversation across numerous organizations, large and small, from the UN, American Express, Private Equity, Hedge Funds, as well as those in the SMB size. Sustainability is a natural part of lifecycle management: device procurement focuses on choosing long-lasting, high-quality devices rather than the quickest last-minute choice, and decommissioning focuses on recycling old devices properly and responsibly.

Synergy’s Managed Services
For 50 years, we’ve been Central & Western New York's top Managed Service Provider for small-mid-sized organizations and global institutions alike. We bring together the best enterprise-level IT services, technology, and support to help organizations of all sizes accomplish great things. With our lifecycle management services, we provide comprehensive, actively monitored protection and peace of mind.

ALM is the process of managing all aspects of an asset's lifespan, from purchasing and deployment to maintenance and disposal.

ALM helps businesses improve workflow, manage costs, and ensure device security, especially in a hybrid work environment with complex security and collaboration needs.

Any business, regardless of size or industry, can benefit from ALM. It can be particularly helpful for:

IT teams: ALM frees up IT staff to focus on daily operations while experts handle device procurement, maintenance, and security.
Employees: ALM ensures employees have user-friendly devices with secure access and remote collaboration tools, increasing their productivity and satisfaction.
Accounting and admin teams: ALM offers predictable budgeting with pre-determined costs for device management, eliminating unexpected expenses.

Plan: We assess your needs and develop a strategic plan.
Acquire: We leverage our supply chain to purchase the right devices at the best price.
Deploy: We configure, install, and remove devices, ensuring a smooth transition.
Support: We offer 24/7 US-based, monitored support for all your devices.
Decommission: We securely erase data, responsibly recycle devices, and manage licenses.

Financial institutions face specific challenges:

Data security: ALM helps ensure compliance with strict data security regulations and protects sensitive information through proper decommissioning and ongoing security support.
Customer experience: ALM fosters trust by providing reliable devices with secure collaboration tools, promoting positive customer interactions.
Sustainable practices: ALM aligns with sustainability goals by procuring high-quality devices and responsibly recycling old ones.