In today's competitive world, more and more companies are relying on technology to put themselves one step ahead of the game. If the technology you license or subscribe to impacts your company's revenue, productivity, customer service, or safety then it should be considered mission-critical and put in a technology escrow account. When you establish a contract for technology, an escrow account can protect that source code in case the developer is not able to support its product in the future.
Once materials are placed into the escrow account you are all set, right? Not so fast. Escrow Verification is used to confirm that an escrow deposit contains everything that is documented in the escrow agreement. If something were to go wrong with your technology vendor the last thing you would want to do is discover that your technology in escrow in unusable.
Escrow Verification services range from a file checklist to a full usability test which runs everything in the escrow account to make sure it is working properly.
This infographic on Jerry's Jigsaws depicts what happens when escrow verification is not used.
The Hole in a Puzzle-Maker's Plan Click image to see full infographic
Jerry's Jigsaws is a company that owns a custom design program that turns high-resolution photographs into intricate puzzles. The program that Jerry uses is stored in escrow to be safe. Bugs were found in the puzzle's application after the escrow release. To Jerry's surprise, there was no documentation for the compilation process in the escrow account at all.
If Jerry had ordered Level 1: Inventory and Analysis Verification when his application was first placed in escrow, this disruption could have been avoided. This level of verification yields a report on the completeness of the deposit and will inform the user, or beneficiary, what components are missing.
This is just the first level of verification and although it is a good start to ensuring a functional deposit, there is no guarantee that the deposit can be compiled and executed. The higher levels of verification get into building and executing the deposit. Check back next week for more information on what the next level entails.
If you have any questions about Iron Mountain's Verification Services do not hesitate to contact our Verification Specialist, Shane Ryan, at shane.ryan@ironmountain.com.
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In today's competitive world, more and more companies are relying on technology to put themselves one step ahead of the game. If the technology you license or subscribe to impacts your company's revenue, productivity, customer service, or safety then it should be considered mission-critical and put in a technology escrow account. When you establish a contract for technology, an escrow account can protect that source code in case the developer is not able to support its product in the future.
