The part could be either a capacitor or a resistor. Some other components also come in that form factor. If you can read any printing on it (you may need a magnifying glass), you may be able to determine what it is and its value.
Assuming it's a capacitor, it's probably used for decoupling, which means its job is to remove noise from clocks, etc. from the power traces. It's good design practice to use a little more decoupling than the product needs to account for worst case conditions so losing one may or may not be critical in any given product.
If it starts having problems, such as spontaneous rebooting or data errors, and you can determine exactly what the part is, and you're good with a low wattage solder iron, you could replace it. If you're not experienced at soldering, have the work done by someone who is.
Hope that helps.
