It is not your employees but data that is your business's most valuable asset.
For many years, business experts have told us that employees are your most valuable asset. This belief has become so ingrained that we’ve even repeated it here at Kimbley IT in the past. But the truth is we don’t believe this to be true anymore.
That’s not to say we think you should treat your staff badly, or even cancel technology projects that will improve their work-life balance. On the contrary, these advances will help you help them be more productive.
The new “most valuable asset” – data
In the age of information, it would appear that employees have lost their status to a new “most valuable” asset – data. You may never have considered your data as an asset as it does not appear on your balance sheet. Even though we are in the information age, antiquated accounting standards have not yet recognised this! However, trust us - when you lose access to data you quickly appreciate how much it is worth.
Information is critical to your operations, and unlike employees, you can’t replace it. If data gets lost, your business suffers. Data is the most valuable intellectual property (IP) you hold, and if that is lost, your business may not be able to recover. Ever.
You probably already have some form of backup system in place to reduce the chance of data loss, but even this is unlikely to be bullet-proof. Your data is always updated, so even a gap of a few minutes between a backup and a severe system failure could see data being lost.
A few moments worth of lost data can usually be recovered relatively quickly – but anytime you spend on recovery is lost productivity.
Your business is at risk on two fronts
Poor data management could cost your company its IP and its growth plans. Losing your data also affects your partners and customers, which is why an increasing number of businesses are including disaster recovery provisions as part of their due diligence checks before entering partnerships.
If your business cannot demonstrate suitably resilient and workable data recovery provisions, you will fail these checks. Which means you won’t be winning those deals.
Putting the Cloud to work for you
The only way to ensure you have up-to-the-second backups and instant recovery is through the use of enterprise-class systems. The sort that are normally well out of the price range of anyone but enterprise class organisations.
Cloud solutions like G Suite with Enhanced Data Backup by Kimbley IT changes that, however. For a small monthly subscription, you can place your data into an enterprise platform that includes all the replication and shadow backup functionality you need to keep data safe from loss.
These features will protect your most valuable asset – data - and ensure you meet the requirements of most due diligence tests. At least as far as data protection is concerned.
As for your employees, the relegation to the second most valuable asset is no shame – just a reflection of the modern data-driven marketplace.