The True Cost of Poorly Managed IT Assets
IT managers overlooking potential risks to their digital assets can quickly put the entire organization in serious peril. According to a study performed by EMC Corporation, data loss was responsible for over $1.7 trillion in lost revenues. Even worse, the total volume of annual data loss has risen by 400 percent over the past two years, according to Security Week. Without a comprehensive strategy and dedicated software tools deployed to assist in IT asset management tasks, companies remain vulnerable to these and other types of major revenue loss.
That’s why it’s worth the effort for IT teams to take stock of the true cost of poorly managed IT assets, evaluate inefficiencies in backup tape organization and research new tools that could help employees make a smooth transition from one asset management paradigm to the next. The following considerations provide a solid framework for IT teams to discuss their next steps before making a decision.
Compromised data assets come with heavy consequences for most companies
Mismanaged IT assets can lead to more than temporary downtime or losses in revenue. According to the Graziadio Business Review, half of companies that suffer a major data outage go bankrupt within a few years. Likewise, facilities storing archived data on multiple racks of backup storage tapes would face serious financial ramifications if customer data or critical business assets were permanently lost or mishandled.
In addition to the serious consequences at stake when it comes to improperly handled IT assets, tech experts at companies with backup tapes to manage must contend with the fact that data loss comes at companies from multiple angles. According to specialized insurance agency Safeware, hardware failure is responsible for 40 percent of data loss incidents alone. Human error, both in terms of technical execution and day-to-day operations, make up another 30 percent of data loss incidents. These findings reinforce the need for a comprehensive solution to data loss that directly responds to the issues that pose the biggest threat to responsible IT asset management.
Loss customer trust can result in a multitude of long term problems for the business
When it comes to data storage, whether it be information stored for routine access in the data center or filed away for later review onto backup storage tape format, clients expect their information to be well-protected and accessible in an instant. Furthermore, the more money that customers spend, the more they expect their data to demand the utmost attention and priority of those in charge of handling it.
As a result, instances of lost data or evidence that secure client information has been compromised will likely result in cancelations of service. In worst case scenarios, the negative experience of one client could ricochet through multiple associates and make it increasingly difficult for companies to grow their client base in the future. IT companies will be under as severe, if not stricter, scrutiny from regulatory officials evaluating asset management for compliance. Specialized backup tape management solutions like Vertices help companies to eliminate uncertainty from their asset management process.
Talented employees overburdened by disorganized data flow are likely to skip town
Those in charge of IT shouldn’t forget that ineffective asset management strategies place extra pressure on employees. Without the right software tools needed to automate the archiving, accessing and disposing of essential backup data, IT professionals are likely to feel overworked and explore new options. After all, TechRepublic pointed out turnover in the IT sector is higher than in any other industry – experts young and old have plenty of options when it comes to finding a more attractive work environment. In this way, the right software investments are as important for managing turnover as they are for managing data.