This is the first of a four-part series about the foundations of IT, produced by Newave Solutions.
Asset management is a foundational piece of any well-managed IT program for small businesses, and one that isn’t always implemented properly. Most small businesses these days own tangible assets like desktop PCs, laptops, cell phones, and tablets that often aren’t accurately documented. Your business also owns your company name, software suites like Adobe Creative Cloud or Microsoft Office, that are intangible assets as well. If you are not documenting your assets properly, you leave yourself open to three major threats that can have devastating consequences for your small business.
The first threat is disasters. Disasters take many forms when it comes to your assets. This could be a natural disaster like a tornado, fire, or flood that destroys your business and all your physical assets. Malicious software can destroy your assets, which can mean losing important, confidential data depending on your industry. If those assets aren’t properly inventoried and insured, small businesses will struggle to rebuild after a natural disaster.
The second threat is a failure to update your assets. Intangible assets like your software subscriptions need to be accounted for properly. Small businesses need to be aware of when those assets need to be renewed or updated. Missing these subscription can have tremendous impacts on your business because you can’t operate without them, which leads to business downtime and a loss of revenue.
The third threat is obsolescence. Obsolete assets are a major threat to your business security. If your business isn’t updating to the latest technology because you aren’t tracking those assets, you leave yourself vulnerable to the rest of the world. When new technologies are released, their security updates are marketed to the rest of the world. If you own the software that is now obsolete, your business is vulnerable.
Proper asset management can save your business time, money, and resources. When it comes to your business future, asset management is not something to just talk about but something to implement now.
If you have any questions about how to implement asset management strategies, where to document your assets, and how to secure them, reach out to us at Newave Solutions.