Why Credit Unions Should Prepare Now to Update Equipment Contracts

Today’s economic outlook has businesses of all sizes looking for ways to maintain efficiency and cut costs, and credit unions are no exception. The rise in inflation and the uncertainty of global supply have made solutions for improving operations top of mind.

The much-reported chip shortage and supply chain disruptions affect a wide range of businesses. While technology has improved credit unions’ ability to conduct digital transactions, hardware — like printers and copiers — is still a necessity.

As credit unions assess their branch operations, focusing on a digital approach to serve members, one way to cut costs may be through equipment contracts. For credit unions looking to replace existing copiers and printers at the end of their lease, longer lead times and better contract management will be critical.

Every copier manufacturer produces its equipment overseas. What used to be a two-to-four-week turnaround for new devices has turned into a six-to-nine-month turnaround. The chip shortage has a direct impact on manufacturing — both overseas and in the U.S., and new lockdowns in China have exacerbated this issue. Shipping port back-ups, and a truck-driver shortage to transport goods from ports and railyards to warehouses and, ultimately, to end-users also has a significant effect on the supply chain.

Strategic Link partner NuQuo offers a solution to these issues by helping credit unions prepare and negotiate for their next equipment contract now.

How NuQuo Can Help You Save

It pays to evaluate current equipment needs and make an assessment based on changes created by the pandemic. Many of your staff members may have come back to work in the branches, yet digital, remote transactions are still increasingly replacing paper and ink. It may make sense to look at reducing the number of printers and copiers you have onsite.

NuQuo will develop a strategy to consolidate equipment based on your credit union’s individual needs. With its background in analyzing and controlling printing costs, the company regularly saves credit unions an average of 30-60%.

Due to the disruption in manufacturing and supply, looking ahead to obtain the best office equipment contract for the future is a sound strategy. NuQuo has vast industry knowledge and has developed relationships with a range of vendors, and as they maintain a national database of manufacturers’ pricing and a practice of vendor neutrality, NuQuo will negotiate on behalf of your credit union to obtain the best possible rate and terms.

To learn more about NuQuo, visit their partner page or contact the Strategic Link team to get connected.