What is ATM Lifecycle Management?
You know that old saying, “they don’t make ‘em like they used to?” Well, that may be true for some small appliances, but it’s less true of bigger machines. Take the ATM, for example. ATMs are built to last.
But that’s not to say that they will last. At least, not forever. ATMs have a lot of moving parts. They also have various ports of ingress and egress, so they’re not closed systems. Plus, when you add software into the mix, you’re just adding one more complication.
So, ATMs require some maintenance. From logistics to recycling, and everything in between, the entire lifecycle of an ATM must be managed.
The ATM Lifecycle
The lifespan of an ATM doesn’t follow a linear path like a typical lifespan. It’s not like you just buy one, install it, and then forget about it until it stops working. There are many stages throughout an ATM’s life that may call for minor improvements, repairs, and so on.
Each of these stages pulls the ATM from the brink of death, essentially restarting its life. That’s why we think of it as a lifecycle rather than a lifespan. Here are some of the major stages in the lifecycle.
1. Installation / Deployment
This is when you first install your ATM. It’s shiny. It’s new. Your cardholders love it. This is the stage when you should have your inventory tracking and management figured out.
All the whirs and clicks are already wearing things down. Having your storage, vendors, and asset tracking all set up will extend the ATM’s lifecycle in the future.
2. Preventive Care and Maintenance
Preventive care and maintenance will further lengthen your ATM’s lifecycle. Sometimes, the little things really count. Essentially, this step is about keeping the machine well-oiled, so to speak.
Preventive care and maintenance includes all the smaller maintenance issues that can be easy to overlook. Cleaning the ATM, ensuring signage and lighting are working properly, and looking out for fraud-enabling devices (such as skimmers, loops, and cameras) keep your ATM safe and friendly.
3. Service and Repair
Some parts wear out faster than others. If you want to keep your ATM alive longer, you may need to replace or repair some of the high-wear components.
Routine service and repair can extend the life of your ATM fleet. The longer they stay operational and in the field, the more you can maximize their financial opportunity.
4. ATM Upgrades
Sometimes, service and repair doesn’t go far enough. Upgrades can help whether you’re trying to address new compliance concerns or upgrading your operating system.
So, may you need a new processor or motherboard for the upcoming Windows 10 upgrade. Or maybe you need an on-site refurbishment kit to upgrade and replace parts as needed. Either way, ATM upgrades will significantly extend your ATM’s lifecycle.
5. ATM Refurbishment
Either the entire ATM or its parts can be refurbished. Reconditioned, like-new parts can give your ATM the update it needs.
Reusing and refurbishing parts provides a cost-effective means of extending your ATM’s life. Maintenance, upgrades, and refurbishment can keep your fleet running for a very long time.
6. ATM Remarketing
If you decide that you’d like to replace your ATM before its lifecycle is complete, ATM remarketing is the answer. Remarketing unlocks the value of legacy infrastructure by reselling ATMs in good condition to institutions that can use them.
Remarketing recaptures the value left in the ATM’s lifecycle. You can then reinvest that money into new technology.
7. ATM Sanitization, De-branding, Disposal, and Recycling
Sanitization cleans more than just the physical parts of an ATM. It also cleans out any extant data, ensuring continued privacy and security.
Your ATMs also shouldn’t just end up in a landfill somewhere. They can be taken apart, inspected, and separated into parts and materials. The parts from old ATMs can still be used to extend the lifecycles of other ATMs still in service.
The rest of the materials can be responsibly recycled and disposed of to reduce environmental impact.
ATM Lifecycle Management is Paramount
If you were to buy a fleet of ATMs and deploy them, who knows how long they would last without any of the steps above. ATM lifecycle management is a holistic view of how to care for your fleet, from the very beginning to the very end.
Proper lifecycle management will extend the lives of your ATMs, ensuring you gain the maximum value from your equipment. If you’d like to see how Tellerex can help you manage your ATMs, read about our solutions here.