Our homes are full of technology. Every room in houses up and down the country will incorporate some form of computer software from alarm systems to sewing machines, digital TV recorders to mobile devices. We expect so much from our modern-day technology as each device has the capacity to secure our home, store thousands of files and photographs, send mail, manage diaries and much more all at the touch of a button. Such is the importance of software today that home insurance packages are changing to cater to and cover the bespoke technological needs of each household.
Working harder, better and faster for the future
It is unsurprising therefore that the business world is also capitalizing on today’s technological advances. In the business world time is money, and to meet the ever-increasing demands of our fast-paced society more and more companies are relying upon technology for the everyday running of their enterprise. We are enjoying a world that can work harder, communicate quicker and secure sales 24 hours a day, 7 days a week, meaning that businesses must rely heavily upon critical software in all areas of operation. As software functionality increases so too does the business dependence on it, from bespoke computer programming on the factory floor to database management solutions, therefore many businesses are now wisely opting to use software escrow in order to protect their software investment and ensure the smooth running of their company.
Crucial cover to protect your profits
Just as you would insure your house and its contents, it is crucial to cover the business-critical software used in your company and software escrow agreements allow you to do just that. In business nothing is certain and the current economic climate can be fragile at best. With ICT company insolvencies on the increase, many businesses across the globe are finding themselves in unwanted situations where their software applications are rendered useless and they have access to technical support to resolve the issues. In the case of business-critical software, this loss of use can shut down a company incurring huge financial deficits and so this is where Software Escrow comes in.
How software escrow works
Software Escrow is a mutual legal agreement between the software provider and the beneficiary, i.e. the business using it. All business critical software source code and data is held by a third party, the software escrow provider, and should your software developer/provider fail to fulfil the maintenance services promised in the agreement or fall into financial difficulty, you as the business user will retain rights to the software data and be able to operate as normal.
More than just an insurance policy
Software escrow protection for your business is far more than just an insurance policy too. Established software escrow services will be able to offer technical support in the event of a business software emergency and even offer software development and maintenance as part of your legal agreement. Whether you are a startup business or established brand, it is vital that you know what software you cannot operate without and how it will be protected in an emergency situation such as this.