To retire or not to retire? That is the question. And we’re not talking about selling your home and moving to Florida. We’re talking about the End-Of-Life (EOL) and the End-Of-Service-Life (EOSL) of your hardware. As a business owner with lots of equipment and lots of branches, it’s hard to keep track of all your products. You might ask yourself:
“Should I update to the new model now…it’s approaching the end of warranty?”
“But my equipment is working well…should I just maintain it?”
It’s difficult to know when it’s the right time to upgrade your hardware versus maintaining it with system updates. Upgrading to the newest model is expensive, especially if there are some good years left in your current model. On the other hand, there’s always a risk that aging equipment could negatively impact your business. These are difficult decisions, but don’t worry! Equips is here to help you make the best move for your business.
The difference between banking equipment EOL & EOSL:
After releasing a new line of equipment, the original equipment manufacturer (OEM) will eventually stop selling older models, favoring new lines of equipment instead. This is called the equipment’s End-of-Life (EOL). At this point in the life cycle, the original warranty of the equipment has usually ends and the OEM will stop updating and selling that model. Naturally, the OEM wants you to buy the latest model. However, they may offer extended maintenance support, but at a higher rate. While supporting the equipment during this time, the OEM will consider the equipment to be past its useful life. However, that does not mean the equipment is no longer useful. The equipment may continue to operate efficiently for years, requiring little to no repairs.
The final phase of the equipment lifecycle is the End-of-Service-Life (EOSL), also known as End-Of-Support-Life. At this point, the OEM will no longer offer support or they will usually continue to service but don’t guarantee they will be able to find parts, repair it or keep it up and running. They may no longer offer service contracts and may only work on a time & material basis. for the equipment. Again, this does not mean that the equipment is no longer useful. Some equipment will efficiently run well beyond the EOSL date which the OEM outlined.
Tips for your equipment’s EOL & EOSL date:
- Industry-standard timelines used by the equipment manufacturers (OEM):
- End-Of-Life: ~3-5 years
- End-Of-Service-Life: ~5-7 years
- The original equipment manufacturer (OEM) will typically send out a notification when the hardware is reaching EOL or EOSL.
- If your company hasn’t received a notification about the equipment’s EOL or EOSL date, contact them (OEM) immediately. Your company could be without coverage for the hardware.
Third-Party Maintenance (TPM)
It can be very difficult to decide whether to keep your equipment beyond its EOL or EOSL, especially if you don’t purchase equipment often enough. With the lack of access to extensive performance histories or equipment comparisons to your specific model, you could make a costly mistake. However, there’s a better option. We recommend using a Third-Party Maintenance (TPM) service provider. By using a TPM, companies can receive up to 70% off of the manufacturer’s maintenance pricing. Check out the Equips blog post: 3 Reasons You Need Independent Advice on Maintaining Financial Equipment
Strategic questions to ask your company:
- Is the equipment working?
- Can the equipment perform more efficiently?
- Are the customers satisfied with the service performed by the equipment?
- Would the business be more successful if the equipment was upgraded?
How to save money and get the most from your banking equipment
At Equips, we want you to feel confident in your business decisions. We’re here to help you make an informed decision through with an unbiased review as well as establishing a plan forward. By using a neutral advisor to review your company’s equipment, you can extend the useful life of your equipment, saving you money from your bottom line. This could prevent an unplanned purchase of new equipment, which will most likely be recommended by an OEM. Not only does an independent advisor have industry knowledge of the best TPM for you, but they also can share information about standard maintenance costs for your region.
Staying organized is crucial in cutting costs and increasing efficiency. Establish a warranty plan for your hardware by creating an equipment inventory list. This list should outline the details of your service providers, as well as the start and end dates of your equipment’s warranty.
Equips helps financial institutions make difficult decisions regarding their equipment’s life cycle.
We recommend third-party service providers that best match your company’s strategy in equipment maintenance. With our vast industry knowledge and equipment service expertise, we successfully work with Financial Institutions across the country. It’s hard to strategize the best path forward for your business. Let Equips do the work for you.
Get independent advice on your banking equipment
Contact us is if you would like to learn how we can provide an unbiased voice in managing and maintaining your equipment. We are happy to help you connect with the top-ranked professionals from across the country, using our streamlined technology to communicate quickly and easily. Find out why Equips’ winning solutions are used by financial institutions both large and small.
Additional Resources on EOL and EOSL
- 3 Reasons You Need Independent Advice on Maintaining Financial Equipment >
- 3 Common Causes & Strategies to Avoid Duplicate Coverage on Financial Equipment >
- Tips to Increase Accuracy in Budgeting for Equipment Maintenance >