For your business to realize its IT goals effectively, you should put proper Information Technology (IT) project management solutions in place. They’ll ensure that all IT functions are completed promptly. One way to do this would be for you to contact Managed Service Providers (MSPs).
In 2019, the global managed services market was at UDD$ 178.5 billion. This value is expected to grow to USD $309.4billion by 2025. This is an indication of the popularity of these services and how companies are openly embracing them. (1)
What Are MSPs?
MSPs are third-party IT contractors that handle your company’s IT functions. Through their expert services, MSPs will help your company cut general costs by ensuring seamless workflow. You may visit this page to learn more about the typical services they offer.
Furthermore, a study indicated that 38% of businesses contract MSP services with the expectation that their business will have enhanced security and be in compliance with regulatory requirements. This only points to the fact that most businesses have in the MSPs. (2)
An MSP manages and assumes responsibility for providing a defined set of services to its customers. They would provide upfront prices for each service or you would agree with a recurring fee. This is beneficial for your business because it allows you to create your budget according to their price offering.
There are many things MSPs can do. They can act as facilitators who manage and procure staffing services depending on your current needs. They can also help create backup and disaster recovery plans for your data, which are essential in project management, as data losses can cause significant downtime. MSPs tend to prove most useful to small businesses with a limited IT budget. www.getadvantage.com dedicated IT professionals have served companies in Washington DC
How Can MSPs Help With IT Project Management?
If your business handles IT projects, getting managed IT service providers will provide many benefits to ensure that your projects run smoothly. Here are some of the ways MSPs can help you with project management:
1. Reducing Project Cost
MSPs could be way much cheaper than an in-house IT team because you wouldn’t have to provide office space for them or pay them full salaries and benefits. MSPs are generally priced on a flat-rate monthly basis. This makes it easy for a company to get the services on a planned budget.
2. Providing High-Quality Results
Managed Service Providers usually employ a team of professionals. They provide expert services in areas like networking, infrastructure, security, programming, and many more. For this reason, if you contract MSP services, you’ll be increasing the scope your IT projects can cover, allowing you to get quality results since you’ll have a team of experts working for you.
If your business IT operations depend on your in-house IT employees, you won’t have the guarantee of quality results at the end of each project. This may be because the employees don’t have a vast scope of IT knowledge and skills in the focus areas, as required for them to efficiently complete the projects at hand.
3. Minimizing Downtime
A survey on a sample of Small and Midsize Businesses (SMBs) indicated that downtime was a major cause of disruption of their business activities. It’s said that 37% of the businesses were reported to have lost customers, while 17% reported incurring revenue losses due to downtime. (3)
For this reason, you’ll want to safeguard your company from such losses. You could do this by contracting MSP services to provide the tools and expertise needed to protect critical systems like hardware and software systems, data backup and recovery, internet connectivity, and many more. As a result, you’ll have significantly evaded the risk of downtimes.
4. Ensuring Data Protection
A recent study indicated that in 2020, the number of ransomware attacks in North America was at 158%, with victims paying about USD$350 million in ransom. These figures were more than a 300% rise from ransomware attacks that happened in 2019. This increasing trend should be a cause of alarm to your business. To save your business from spending money on cyber-attacks, you should take all necessary precautions to protect your data from malicious parties. (4)
Since an MSP will centralize your network’s security operations, you can minimize unrestricted data access to your company’s records and ensure overall data protection. You don’t need to worry about them handling your data security as they use advanced technology to combat cyber threats within their systems.
Research shows that, on average, an MSP contracts the services of four to five other vendors to provide them additional cybersecurity, making their security systems well-protected. (5)
For many businesses, setting up a complete in-house IT department can be costly. As the manager, you wouldn’t only need to hire skilled personnel but also acquire infrastructures, such as extra office space, new computers, network connection systems, and many more. To cut on these costs, you may get managed IT service providers to help your business efficiently manage its IT operations.
Aside from that, MSPs ensure the safety of your business data. Additionally, they have the experience, skills, and tools to handle and minimize downtime. Thus, improving your business’s project performance. If you’re looking into hiring MSPs, ensure that you contract a dependable company to receive high-quality services.
- “Managed Services Market Size To Reach USD 309.4 Billion By 2025 – Valuates Reports,” https://markets.businessinsider.com/news/stocks/managed-services-market-size-to-reach-usd-309-4-billion-by-2025-valuates-reports-1029144461
- “4 Security Questions To Ask When Outsourcing IT Operations To Make Sure Your Business Isn’t At Risk,” https://www.entrepreneur.com/article/292059
- “Infrascale Survey Highlights The Heavy Costs Of Business Downtime,” https://markets.businessinsider.com/news/stocks/infrascale-survey-highlights-the-heavy-costs-of-business-downtime-1029197582
- “A New US Bill Would Force Companies To Disclose Ransomware Payments,” https://techcrunch.com/2021/10/06/a-new-us-bill-would-force-companies-to-disclose-ransomware-payments/
- “MSPs Saving Nearly $ 230K And Five Hours Per Cybersecurity Incident Response By Integrating Tools: Study Says,” https://markets.businessinsider.com/news/stocks/msps-saving-nearly-230k-and-five-hours-per-cybersecurity-incident-response-by-integrating-tools-study-says-1030894456