# Improving sustainability in finance with an effective IT lifecycle Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-01-11 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Implementing Sustainable IT Solutions for Financial Meta Description: Discover the benefits of IT lifecycle management systems in reducing costs, increasing sustainability credentials, and promoting ethical business practices. URL: https://financedigest.com/improving-sustainability-finance-effective-lifecyclehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/improving-sustainability-in-finance-with-an-effective-it-lifecycle-1736840150178-compressed.jpg) By **Carmen Ene**, CEO of 3 Step IT In the coming years, sustainability will become an even more critical factor within the financial industry than it already is. Many businesses have already applied environmental, social and governance criteria to many of their internal strategies and external decisions to create long-term value and credibility. In a recent study, [62%](https://www.imd.org/research-knowledge/articles/why-all-businesses-should-embrace-sustainability/) of executives reported that they consider sustainability a necessity to be competitive in today’s market, and a further 22% believe it will be in the future. Sustainability drives ethical [business practices and acts as a key](https://www.financedigest.com/foot-orthotic-insoles-market-to-generate-us-5-billion-by-2026-growth-key-business-strategies.html "Foot Orthotic Insoles Market to Generate US$ 5 Billion by 2026 | Growth & Key Business Strategies") motivator for staff. One area that has seen a significant uptake with regard to sustainability is IT, with many businesses globally switching their IT [asset management](https://www.financedigest.com/guide-to-choosing-a-digital-asset-management-system.html "Guide to Choosing a Digital Asset Management System") solutions for more sustainable, cost-effective and environmentally friendly systems. IT [lifecycle](https://www.financedigest.com/service-lifecycle-management-applications-market-to-grow-at-a-cagr-of-6-9.html "Service Lifecycle Management Applications Market to grow at a CAGR of 6.9%") management systems help businesses manage their devices more effectively, resulting in improvements to overall IT operations, increased employee productivity and a reduction in costs commonly associated with technology devices. By utilising these sustainable systems, businesses also benefit from an increase in sustainability credentials and a reduced [carbon footprint](https://www.financedigest.com/coca-cola-digital-ad-campaigns-use-seenthis-streaming-technology-to-avoid-excessive-carbon-footprint.html "Coca-Cola Digital Ad Campaigns Use SeenThis Streaming Technology to Avoid Excessive Carbon Footprint"). Let’s consider why businesses should look to implement an IT lifecycle [management solution and save valuable resource and reduce carbon emissions](https://www.financedigest.com/how-application-management-can-help-tackle-the-finance-industrys-carbon-emissions.html "How application management can help tackle the finance industry’s carbon emissions") on the environment. **Financial flexibility** [IDC research](https://i.dell.com/sites/doccontent/shared-content/services/nl/Documents/idc-whitepaper-pc-lease-strategy.pdf) revealed that refreshing PCs every three years reduces costs by 24% compared to hanging on to a single PC for twice as long. This is due to maintenance and support [costs rising](https://www.financedigest.com/fortum-says-rising-costs-of-nordic-power-trading-are-worrying.html "Fortum says rising costs of Nordic power trading are “worrying”") at an increased rate year-on-year when devices are used for longer. Reducing [costs is an essential part of any business](https://www.financedigest.com/esg-prepared-why-ignoring-esg-is-a-costly-business.html "ESG Prepared: Why Ignoring ESG is a Costly Business") model, and for many, upgrading expensive IT devices can often be relegated to the bottom of the budget list. IT lifecycle [management systems](https://www.financedigest.com/traffic-management-systems-growing-at-a-cagr-of-22-5-for-2022-28.html "Traffic Management Systems growing at a CAGR of 22.5% for 2022 – 28") help businesses to reduce unnecessary expenditure, manage costs across a long period of time, and predict future spend that can be calculated into a budget. By showcasing how [costs have been reduced and saved through an IT lifecycle management system](https://www.financedigest.com/untapped-cost-savings-why-smart-building-management-systems-are-a-finance-department-priority.html "Untapped Cost Savings: Why Smart Building Management Systems are a Finance Department Priority"), businesses can promote a healthy sustainable model. Much like University of Wales Trinity St David, whose financially flexible IT lifecycle [solution allowed them to easily control](https://www.financedigest.com/demand-for-temperature-controlled-pharma-packaging-solutions-to-reach-over-us-9-bn-by-2030-fmi-projects-a-decline-till-q2-2020-amid-covid-19-pandemic.html "Demand for Temperature Controlled Pharma Packaging Solutions to Reach over US$ 9 Bn by 2030; FMI Projects a Decline till Q2 2020 Amid COVID-19 Pandemic") IT so they could focus on the full student experience. [**Secure data**](https://www.financedigest.com/normalizing-advanced-cloud-data-security-with-normalyze-from-amer-deeba-and-ravi-ithal.html "Normalizing Advanced Cloud Data Security with Normalyze from Amer Deeba and Ravi Ithal") [Data protection](https://www.financedigest.com/modern-data-protection-how-organisations-can-protect-against-cyber-attacks.html "Modern Data Protection: How organisations can protect against cyber attacks") and security are now more topical than ever. 2018 has been a particularly [transformational year for data](https://www.financedigest.com/is-the-road-to-data-transformation-slowing-digital-transformation.html "Is the road to data transformation slowing digital transformation?"), with the introduction of GDPR putting customers back in control. From a financial business point of view, consider the sheer amount of data that is generated on a daily basis. Clearly, it is imperative that this [data is completely secure](https://www.financedigest.com/cyber-security-data-re-assurance.html "Cyber Security: Data ‘Re’-Assurance"). So when businesses come to dispose of their IT devices, it is critical to understand how the data is disposed of securely, conforming to existing [rules or regulations](https://www.financedigest.com/german-regulator-stays-vigilant-as-meta-changes-vr-headset-rules.html "German regulator stays vigilant as Meta changes VR headset rules") in place. This was the case for Global Connect, provider of fibre network and data solutions. Responsible for managing 30% of the datasphere in Denmark, and moving [customer data](https://www.financedigest.com/how-payment-institutions-can-leverage-data-to-support-merchant-customers.html "How payment institutions can leverage data to support merchant customers") across several platforms, Global Connect has a delicate job. It has adopted an IT lifecycle [management solution](https://www.financedigest.com/quality-and-compliance-management-solution-market-to-rise-at-a-high-cagr-of-9-4.html "Quality and Compliance Management Solution Market to rise at a high CAGR of 9.4%"), to keep track of their equipment and ensure that equipment is returned and the data wiped. The company can now make the most of auditable, certified data deletion that [protects the business](https://www.financedigest.com/fx-hedging-strategies-to-protect-your-business.html "FX hedging strategies to protect your business"), and ensures data is disposed of correctly and ethically. **Asset control** Exercising control over assets in corporate [businesses that employ thousands of staff members can be challenging](https://www.financedigest.com/global-lycopene-market-outlook-business-challenges-investment-opportunities-progression-status-revenue-expectation-and-forecast-2022-2029.html "Global Lycopene Market Outlook Business Challenges, Investment Opportunities, Progression Status, Revenue Expectation and Forecast 2022-2029"). With the help of an IT lifecycle, financial businesses can benefit from easier admin and up-to-date [device inventories to support the day-to-day device management](https://www.financedigest.com/education-security-in-2022-hybrid-cloud-device-management-drives-it-challenges.html "Education Security in 2022: Hybrid-Cloud, Device Management Drives IT Challenges") and planning for staff. This will result in more satisfied and productive end-users with regular, on-time IT refreshes giving them access to the latest [technology devices](https://www.financedigest.com/medical-device-technologies-market-expectations-and-growth-trends-highlighted-until-2028.html "Medical Device Technologies Market Expectations and Growth Trends Highlighted Until 2028"). Many businesses are faced with the dilemma of how to dispose of [end of life devices – or indeed whether](https://www.financedigest.com/graphic-chip-price-drop-raises-questions-on-whether-end-of-shortage-is-in-sight.html "Graphic chip price drop raises questions on whether end of shortage is in sight") to dispose of them, in case they are required later down the line. By monitoring the life of IT systems and reusing equipment, businesses can save valuable resources and reduce [carbon emissions](https://www.financedigest.com/greenpeace-germany-sues-volkswagen-over-carbon-emissions-targets.html "Greenpeace Germany sues Volkswagen over carbon emissions targets") on the environment. However, utilising an IT lifecycle system that disposes of hardware sustainability allows [businesses](https://www.financedigest.com/nfts-live-streams-sustainable-businesses-and-social-shopping-what-to-prioritise-in-commerce-this-year.html "NFTs, live streams, sustainable businesses and social shopping – what to prioritise in commerce this year") to benefit from quality and authentic credentials that can boost its sustainability reputation. The benefits for IT staff are countless. The time spent worrying about when a computer is coming up to a refresh will be significantly reduced with a management [system that can monitor](https://www.financedigest.com/the-holter-monitoring-systems-market-to-virtually-grow-beyond-geographies.html "The Holter Monitoring Systems Market to virtually grow beyond geographies") this for them. They will be able to oversee [assets and effectively streamline its IT refresh](https://www.financedigest.com/adverty-releases-unity-sdk-4-0-with-2d-games-support-and-a-refreshed-suite-of-high-quality-ad-assets-for-the-ultimate-in-game-advertising-experience.html "Adverty releases Unity SDK 4.0, with 2D games support and a refreshed suite of high-quality ad assets for the ultimate in-game advertising experience") strategy. This is why law firm Wedlake Bell invested in an IT asset management solution; the entire [service allows the business](https://www.financedigest.com/philanthropy-is-an-underrated-tool-for-growing-financial-services-businesses.html "Philanthropy Is an Underrated Tool for Growing Financial Services Businesses") to pursue its IT refresh strategy and to replace devices after a specific amount of time in a simple, secure and cost effective manner – making it a vital solution to the successful running of their IT department. By implementing an effective IT lifecycle management system, businesses in the [finance industry](https://www.financedigest.com/finance-industry-and-ddos-attacks-how-can-the-most-targeted-vertical-industry-protect-itself-from-ddos-attacks.html "Finance industry and DDoS attacks: how can the most targeted vertical industry protect itself from DDoS attacks?") can benefit from a reduction in spend across their IT products, streamlined processes and healthy sustainable business model. At the rate that sustainability issues are gaining traction within the industry, it is essential for [businesses to implement a long-term sustainable success plan](https://www.financedigest.com/hyperspectral-imaging-system-market-know-latest-trends-forecast-for-long-term-business-planning-up-to-2026.html "Hyperspectral Imaging System Market – Know Latest Trends & Forecast for Long-term Business Planning up to 2026") for the future. --- This blog is powered by Superblog. 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