5 Finance Tips for BYOD Workplaces

The costs of Bring Your Own Device (BYOD) are inevitably shifting to businesses as employees depend more on their personal devices, and not company-owned devices, to get work done. Furthermore, the risks associated with BYOD increase as unsecure personal devices access company’s networks and data. Combining IT and finance to fund, safeguard, and grow mobile workforces will help overcome these challenges and keep companies competitive. Here are some tips on how to finance your BYOD rollout:

1. The Hybrid
Offices don’t have to be permanently designated as either a BYOD or company-owned-device workplace. Software and equipment financing can be used for both BYOD and company-provided tablets and smartphones. Combinations of BYOD and company devices offer flexibility to best suit unique business infrastructures.

2. Fruit Ninja: No. Encryption Software: Yes.
The devices or software licensed by a company must be central to its computing and communications strategy. They must be important enough that users would suffer a business interruption or a financial hardship if they were removed or out of service. If beneficial, the device or software can be financed over a two- to four-year term. It’s also important that employees are aware of the specific financing arrangements.

3. Take Advantage of Record-Low Rates
Rates for financing technology upgrades have been at historic lows, but they won’t last forever. Therefore, it’s important for companies that are planning to migrate to a BYOD program or add more mobile workforce options to their business to explore financing options ASAP.

4. Ensure Security
In 2012, EverBank Commercial Finance adopted a BYOD policy that loads devices (Android or iOS) with company-provided software including a secure interface to access proprietary information databases, while also encrypting and containing company data. It also provides mobile device management (MDM) capabilities to wipe company files if a device is lost or stolen. Most data security and virus protection software can be financed under an installment payment agreement (IPA), which stretches payments out over the term of the license.

5. Successful Sales of Older-Generation Devices
Tablets have held up well during secondary market sales – even first-generation Apple iPads with just 32 GB of storage and Wi-Fi sell for anywhere from $158 to $191 on Ebay. When considering a lender, they’ll be looking to see if the devices you want to finance hold up well when it comes time to sell. Selling older-generation devices is also an option for funding the purchase of new devices or software.

The mobile workplace and BYOD are steadily becoming the standard. Businesses can provide cutting-edge devices and ensure proprietary data security by developing a strategy to adequately finance the technology. Our experienced IT consultants can help design a cost-effective plan utilizing the best-in-class technology for companies of any size or industry. For more information about BYOD and IT consulting, visit www.chicago-it-support-services.com.