Modern technology has increasingly provided the means for business to compete in todayâs world, but their reliance on it is consequently far too important to leave to chance. No one would deny the need for insuring many aspects of their personal life and there are legal requirements for business to have insurance in place.
When it comes to the systems that operate a business on a day to day basis, hardware and software, it is logical to put in place safeguards to make sure that nothing goes wrong. The consequences are too critical to contemplate.
If a bespoke system fails for any reason there needs to be provision to restore it. A business can be rendered virtually helpless if anything happens. The risk can be greatly reduced and that can be done by making a contract between the business, its software supplier and a third party so that each party is âinsuredâ against a problem.
Modern day applications
In years gone by, such an escrow agreement usually involved funds being lodged, effectively in a suspense account, against the satisfactory delivery of goods or services at which point they were released to the âsellerâ in the absence of valid objections.
The use of a third party in todayâs environment does not necessarily mean a financial transaction. It can be lodging valuable information for release if anything unexpected occurs. In the case of software it may be the codes that can mean a continuity that could not be otherwise guaranteed. That can happen if a software supplier fails for example; those codes may ensure another supplier can assume the contract without disruption.
The consequences of a business losing something like its website do not bear thinking about especially if it is primarily an e-commerce website. The potential sales loss could be enormous. An airline where ticket sales are booked purely online would come to a standstill.
A third party holding the codes is protection that many companies have arranged and those who may never have thought about this may be advised to look for a company specializing in providing this kind of service.
Search engines such as Google and Yahoo will provide a list of experts based upon the keyword or phrase that is provided. Modern business uses its website to explain its goods and services in the hope of persuading visitors of their qualities. In terms of modern technology some of the detail may be a little complex but there are other ways to assess whether a business passes the approval test. Details of previous and current clients are certainly strong evidence of the company and its ability to look at your requirements and make a proposal.
One of the things that set a company apart from its competition is the quality of the service it provides and that includes the speed with which it responds to inquiries, both online and person to person. A combination of professionalism, expertise and service makes a compelling case.