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IT cloud financing services and the leasing of such services for hardware and software needs present new challenges for the Canadian business and financial managers looking to leverage technology via lease financing. Oh, and by the way, financing 'the cloud' presents probably just as many challenges for lessors and finance institutions also!
Cloud technology is of course the newest kid on the block. It’s another new concept to comprehend, essentially the use of computing as resources, both hardware, and software, over a network. That network typically is of course the internet.
For the first time, your firm actually is using computing power and doesn't necessarily know where those resources might be located. Naturally, as in all aspects of technology and tech finance, it’s a case of you using the hardware and software, not necessarily caring about where it is and who is managing or running it.
Naturally, the benefits of financing and leasing cloud services are quite clear - lower costs, ease of use, and your ability to add on hardware and software when you need it.
Although cloud computing and financing are relatively new it's surprising to see statistics that indicate at least 1/3 of all businesses intend to finance their cloud services.
It's certainly a different way to structure a transaction. We've always preached the creativity and benefits of hardware, service, and software leasing and it just seems that creativity is again an understatement when you utilize this form of financing. It is clearly a new business niche in Canadian business financing.
We find some a bit of irony in the concept of IT Cloud financing. What is that irony? Simply that for those of us old enough to remember it seems like 'timesharing' all over again! Except we seemed to always know the address of our timeshare firm, and we could actually drive there and see the hardware and software!
Business owners, chief information officers and finance managers are again looking to leasing as a methodology to gain benefits and limit the risk involved in technology purchases of hardware and software.
Naturally, there are risk factors in any aspect of business and Canadian leasing companies who participate in cloud financing are probably struggling to determine what that level of risk is. We would think overall credit quality is key in this new form of financing. It's difficult to structure payments and rates around IT CLOUD finance when in essence the service you are utilizing is ' metered ‘, similar to electricity we would say.
It's the ability of your lessor or computer company to measure what you are using and where that hardware and software computing power is coming from that is key. And if you don’t pay, there is certainly no ability to 'repossess' assets, that’s for sure.
Consider leveraging both the power of the internet and leasing as a method to maximize your software and hardware needs. IT Cloud finance allows you to share resources, and therefore lower your cost.
Your benefits include lower cost of ownership, the concept of paying for what you only use, and the ability, as always with lease finance, to add on to what you might need, easily... and faster.
Speak to a trusted, credible and experienced Canadian business financing advisor who can work with you to meet your IT Cloud hardware and software needs.
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