The Fintech landslide is continuing to gain steam. After decades of thorough steadfastness, in which banks were often perceived as a more solid institutional construction than many a Polity, the entire financial landscape is being irrevocably re-drawn. The end of this sectorial tectonic movement is not yet in sight, which means that the landscapes ..
With the rise of Business Continuity concerns among Software Users, Software Suppliers need to consider the implications thereof on their own IP and Business Continuity. They need to find a balance between their property rights and continuity concerns, and those of their clients. Software Escrow Services with an Escrow Agent helps achieve this ba..
As a user of technology, your company finds itself in a position of dependency towards the supplier of that technology. For most situations, this is perfectly fine. It may upset your employees that the coffee machine shorts out, and that the company making these machines has gone out of business or discontinued that line of machines years ago, but you can easily swap the old machine for a new one and everyone will be fine with it again. It’s not so easy switching out engrained pieces of Business Critical technology. To continue our coffee machine allegory, imagine your problem if you’re a coffeehouse, trading on the specific taste of your coffee which the machine allowed you to achieve. Then imagine the machine breaking down, and the supplier being gone. Imagine the struggle just to find someone who can get the parts needed for repairs to you, let alone one who can actually do the repairs. And if that fails, imagine the adjustment period for the staff and new supplier for dealing with the new machine. Chances are that the taste of the coffee is going to be subprime for a while, and losses may be felt for months after the breakdown. Now imagine that the coffee machine is your company’s most valuable piece of technology. Depending on the specialty and inner working of your company, this could be anything. Consider what your company invests in software, what systems, machines, blueprints, what codes, programs or packages you use every day – and then consider the impact of them failing, without the supplier to catch the problem. Of course, as stated above, the situation isn’t always immediately dire, but we’re sure you’ll find more than a few items that you think might do some damage. If you need some help to assess what is and isn’t business critical, what will or won’t cost your company months, if not years of trouble, WorldEscrow suggests 3 factors that give a clear indication. 1) High financial investment If it has a lot of capital tied up in it, you don’t want to lose it altogether just because your supplier hit a snag. If it’s physical machinery, you can insure it, in most cases. If it’s software, databases, libraries or so on, it becomes a bit harder. Also include the cost of switching suppliers here. How much would it cost to put everything from supplier A to B? If your answer is: a lot, it is highly recommendable to consider an Escrow Arrangement for it. 2) Technology is business critical The technology in question is a key part of your service. It allows you to add a lot of value for your customers. Not having access to this technology would effectively prevent you from providing service or producing products. If this is the case, an Escrow Arrangement may be in order. 3) Technology is time-consuming to replace. An example: you have developed a brand new CRM system for your company. The budget was relatively low, and it isn’t really vital to the operation of your business (although it is nice), but it took seven months to have it set up. Having to start from scratch will mean that you require at least that much time for the set-up of a new system, not to mention the time it will take for your staff to be capable of working with it again. If this scenario is recognisable for any of your technological assets, escrow becomes a necessity. WorldEscrow is continental market leader in qualitative Escrow solutions. We can assist you in setting up the Escrow Arrangement that fits exactly around your needs, without any additional hassle, at the some of the best prices and service in the market.