#35 Deep Tech Part 2 – Car Park Technology Business Failure - Protections

Parker-X (A Parking Industry Podcast)

This episode was recorded prior to COVID-19, but holds important tips on securing your rights to system support and data. Planned and unplanned technology obsolescence, is an often hidden cost that can significantly impact your Operation’s ROI. Now is a great time to firm up Contracts with existing Suppliers to ensure you have adequate protections. This is key during times where support levels and businesses may fail. How the world has changed!

Top Tips:

• Contract with your solution Supplier to hold firm to stated whole of life costs, including payment platforms (systems and fees), off the shelf hardware and software versions:
• Require a Service contract which includes replacement and upgrade cycles, as well as recommended maintenance fees and support availability.
• Ensure the ability to access the manufacturer direct or alternatives if the contracted supplier no longer supports certain components.
• Ensure you receive advanced notice of business viability changes to your supplier and any key subsystem.
• Ensure that where a Supplier changes ownership, you obtain suitable substitutes or upgrades.
• Secure your rights to access your own data and have are copies stored remotely - including data within cloud systems.
• Secure all BI configuration documentation is held by you - allowing easier migration where there has been a business failure.
• Explore the applicability of having system code and technical documentation is escrowed.
• Keep an eye out for competent talent within your organisation and with the supplier's organisation who may be able to assist.

There are many more to work through, make it a short-term focus and if you'd like strategic assistance to implement these - certainly reach out to the Parker-X co-hosts.