Skip to content

Timothy Enneking Scholarship

Home » Blog » Timothy Enneking – Digital Assets in Businesses Explained

Timothy Enneking – Digital Assets in Businesses Explained

Digital Assets in Businesses

Digital assets are everything a business has that is digital in nature, ranging from physical hardware to online data. Digital assets often include digital currency and applications, such as mobile apps. This type of asset also includes information technology (IT) infrastructure systems and online services that must be maintained and updated on a regular basis.

Timothy Enneking will now talk more about how digital assets are used in businesses.

Timothy Enneking Explains What Digital Assets Are in the Business World

Different Categories of Digital Assets

According to Timothy Enneking, there are four main categories for differentiating between types of digital assets: internal, external, shared, and third-party.

  • Internal assets are owned and controlled within the company, such as an employee’s computer.
  • External assets are owned by the company but not controlled within it, such as a customer’s personal device or data.
  • Shared assets are those that are used by multiple parties and often involve some level of control from each party that uses it; this category includes web servers and cloud-based infrastructure.
  • Third-party assets refer to anything not under the direct control of the company; these types of digital assets include online services like messaging apps and ecommerce systems for third-party vendors.

Benefits of Digital Assets in Business

Timothy Enneking believes that digital assets offer many benefits for businesses, including increased efficiency and cost savings. These assets can be used as a way to automate routine processes, create more time savings for employees and management, and improve the overall customer experience. Companies that do not use digital assets may find themselves outpaced by competitors that digitize their processes. This is especially true if a company maintains large amounts of physical data on paper documents or audio recordings; switching to digital files can result in significant cost savings over time.

Managing Digital Assets Effectively

To manage digital assets effectively for business operations, companies should implement several different strategies:

  • Work with IT professionals to ensure systems are secure against cyberattacks or data loss.
  • Outsource specific functions to maintain, update, or improve certain digital assets.
  • Encrypt files and data for additional security measures against unauthorized access.
  • Create backups of all important files in case of data loss or system failure; backup options include cloud storage, physical hard drives (if the company doesn’t use the cloud), and an on-site server where employees can store their own personal files for safekeeping as well.
  • Develop a set of policies and procedures for handling several different types of digital assets that dictate how users should behave with each asset type to ensure proper usage and safety from misuse.

With these strategies in place, businesses can enjoy the full range of benefits offered by digital assets without worrying about any negative effects from data loss or cyberattacks.

Concluding Thoughts by Timothy Enneking

Although digital assets are a relatively new concept in the business world, they offer many benefits as companies continue to digitize their processes and operations. To manage these assets effectively, businesses should take steps like working with IT professionals to ensure security, outsourcing certain functions where necessary, and developing policies for proper usage.

Following these strategies by Timothy Enneking will help keep your company’s digital infrastructure secure and successful for years to come.