Business readiness

IT Systems Description

What are IT Systems Description?

An IT systems description provides a summary of the IT systems such as hardware, software and networks utilised by your company.

An IT systems description outlines information on all major IT systems owned, leased or accounts subscribed to by your company and employees in order to operate. It also summarizes the information on the resources that support the flow, storage, processing and analysis of your company’s data.

It typically covers the information on:

  • Hardware: Refers to various IT components and devices such as monitors, processors, laptops, printers and keyboards
  • Software: Refers to third party and in-house developed programs that enable your company to operate
  • Network Infrastructure: Refers to hardware and software resources for Internet connectivity, communication, operations and management of your company’s network
  • Security Architecture: Refers to an integrated security system to protect your IT system against viruses, hacking and data theft
  • Cloud Computing: Refers to use of IT services online instead of a direct connection with a local server

Why are IT Systems Description important for business today?

An IT systems description enables your company to:

  • Monitor the requirements, fees and terms and conditions of your existing IT system
  • Assess the current and future requirements of network infrastructure, hardware, software and cloud services for company operations
  • Provide new employees with a useful overview of the IT system
  • Evaluate the pros and cons of utilizing third-party IT systems and services
  • Eliminate or reallocate underutilized components of your current IT system
  • Ensure that the network infrastructure, software and security architecture utilized by your company are up to date

Why are IT Systems Description important for an event tomorrow?

An IT systems description is important for an event tomorrow, as it helps potential investors to:

  • Evaluate the IT assets of your company and their importance in the day-to-day operations
  • Estimate the ongoing costs of maintaining the existing IT systems as well as implementing and maintaining planned upgrades
  • Identify opportunities for changes to the IT strategy
  • Evaluate your company’s operations in reliance on third-party IT systems
  • Understand the terms and conditions of utilizing third party IT assets such as the number ofend-users and installations included in the subscriptions

Pros of addressing IT Systems Description

  • Helps ensure compliance with third-party terms and conditions
  • Provides a useful overview for potential investors to reduce their due diligence time and costs
  • Supports the process for software license budgeting based on renewal dates and cost information
  • Gain visibility into the utilization of IT systems to plan future requirements and use
  • Maintain a consistent infrastructure across all of your company’s offices

Cons of not addressing this topic

  • Increased investor and management time committed to due diligence due to the need to collate this information on an ad hoc basis
  • Lack of visibility over duplicate and under-utilized hardware or software used across your company
  • More difficult for employees to get acquainted with the IT system at a high level.

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