IT asset managers must be proactive with up-front risk mitigation
strategies
BOSTON--(BUSINESS WIRE)--
Iron
Mountain Incorporated® (NYSE:IRM), the global leader in
storage and information management services, today announced the results
of a recent research survey1 that reveals the risks
associated with licensing critical software applications, and why
procurement professionals and IT asset managers must take protections to
safeguard the software that is at the heart of their business operations.
Key
findings of Iron Mountain’s research will be shared at the upcoming Gartner
IT Financial & Procurement Asset Management Summit, including:
-
Fifty-five percent of IT decision makers report having licensed
critical software applications from a vendor that did not meet
expectations.
-
When enterprises select vendors that ultimately do not meet
expectations, it wastes valuable resources and increases costs. This
impacts business in several ways: 64 percent of respondents said
additional time and/or effort was required; 60 percent had project
setbacks; and 47 percent noted added costs.
-
On average, IT project failures cost businesses a 25 percent overrun.
Enterprises struggle with a range of negative consequences when a
software vendor fails to provide adequate support. Technology escrow
gives organizations leverage to demand better SLA compliance – and
protection against a potentially dangerous total loss of support. If a
software developer goes out of business, or otherwise discontinues
support, an escrow release lets the software licensee continue with
development in-house or keep suddenly unsupported products running long
enough to find and implement a replacement. With the benefit of
technology escrow, a copy of your software source code, data, build
instructions, and third-party tools are stored securely with Iron
Mountain. As a result, the wasted resources and cost overruns associated
with vendors that do not meet expectations can be minimized or
eliminated.
John Boruvka, vice president of Iron Mountain’s Intellectual Property
Management business, explains, “This research illustrates a chief fear
for IT asset managers, namely how to prepare for ‘what happens when the
worst happens?’ In order to avoid that worst-case scenario, many
forward-thinking companies build risk mitigation into the procurement
process with technology escrow and verification. Additionally, beyond
traditional escrow for on-premises applications, special considerations
need to be taken for software-as-a-service (SaaS) applications and data,
since when your software and data are in the cloud, the old rules no
longer apply.”
Iron Mountain’s Intellectual Property Management group is exhibiting at
the Gartner
IT Financial & Procurement Asset Management Summit on Sept. 19 –
21 in Grapevine, TX, in booth #408. The summit covers critical topics in
IT Asset Management, including vendor risk mitigation practices and
managing software that resides in the cloud.
For more information:
About Iron Mountain
Iron
Mountain Incorporated (NYSE: IRM) is the global leader for storage and
information management services. Trusted by more than 220,000
organizations around the world, Iron Mountain’s real estate network
comprises more than 85 million square feet across more than 1,400
facilities in 45 countries dedicated to protecting and preserving what
matters most for its customers. Iron Mountain’s solutions portfolio
includes records
management, data
management, document
management, data
centers, art
storage and logistics, and secure
shredding, helping organizations to lower storage costs, comply with
regulations, recover from disaster, and better use their information.
Founded in 1951, Iron Mountain stores and protects billions of
information assets, including critical business documents, electronic
information, medical data and cultural and historical artifacts. Visit www.ironmountain.com
for more information.
1 This survey was conduct by IDG Research Services in June of
2016. A total of 161 IT Decision Makers were surveyed.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160919005233/en/
Source: Iron Mountain