With a 60 percent reduction in operational costs, managed IT services are the ideal solution for businesses to maximize their IT budget for the highest value, especially in light of high inflation, decreased consumer spending, and higher-than-ever hardware and software costs. In tighter economic times, every line item counts on a business’s profit and loss statement, and IT is already a top expense. Get access to best-in-class technology and expertise with a managed service provider (MSP) who will act as an extension of your internal team and maximize your IT budget.
1. Reduce the cost of in-house employees while getting access to more specialized expertise for less
The average IT manager makes $152,916 annually, while a specialized cybersecurity analyst can make as much as $183,219 per year. Hiring and retaining top-tier professionals is incredibly expensive, adding up salary, benefits, ongoing training, and continuous certifications. Also, IT’s skills gap and talent shortage don’t make the competition any less fierce for highly experienced professionals. A serious cybersecurity talent shortage means you might not even be able to find the right people at all, regardless of job salary. Whether you want to outsource your entire IT team or augment a few niche skill sets, a managed service provider provides those experienced professionals for less.
2. Lower your overall cybersecurity risk
The only thing more expensive than cybersecurity employees, infrastructure, and frameworks is not having them during a cyberattack. Cyber incidents are crippling for most companies, with 60 percent of small businesses shutting their doors within six months. Ransomware payments exceeded $1 billion for the first time in 2023, and email phishing is getting more successful thanks to the implementation of artificial intelligence and sophisticated organized crime units. Reduce your overall risk and vulnerability by working with an MSP who can recommend, purchase, and implement exactly what your business needs.
3. Improve employee productivity and reduce turnover
The U.S. loses $1.9 trillion in lost employee productivity, and IT and admin teams are often overburdened with small, never-ending tasks like password resets, hardware fixes, and basic troubleshooting. Sourcing your equipment through your managed IT services provider is a smarter choice as they typically offer better pricing and terms thanks to their technology partners. This helps lower initial costs but also provides predictability to IT forecasting and budgeting. Plus, you’ll have clearer visibility on software and hardware costs for new technology in the future as your managed services provider knows multi-year plans for implementation.
4. Alleviate potential downtime
The average cost of downtime across industries is historically reported at $5,600 per minute, with recent studies showing an increase to a whopping $9,000 per minute. If critical systems went off for an hour, a day, or even multiple weeks, how long could your business afford to stay open? Consistent downtime also degrades customer experience and trust, potentially leading to churn. Managed IT providers support proactive backup and disaster recovery so that you can return to business faster and avoid alarming disaster recovery statistics.
5. Improved pricing on hardware and software
Hardware and software costs can quickly add up, especially if you’re upgrading multiple times a year. Sourcing your equipment through your MSP is a smarter choice as they typically offer better pricing and terms thanks to their technology partners. This helps lower initial costs but also provides predictability to IT forecasting and budgeting. Plus, you’ll have clearer visibility into software and hardware costs for new technology in the future as your MSP manages multi-year plans for implementation.
6. 24/7 support without overtime costs
Having human workers available 24/7 isn’t possible without massive overtime costs or a huge team. Managed services providers typically leverage both human and automated monitoring to protect your business around the clock, no matter the time zone. As your business grows and opens new locations, your MSP can scale for you instead of hiring additional staff, growing your company without incurring more hiring costs.
7. Access to best-in-class and emerging technologies to beat the innovation curve
Innovative technologies improve slow websites and applications, provide real-time inventory monitoring on supply chains, create a positive overall customer experience, and solve many other problems your business might face. Working with an MSP gives your organization unparalleled access to best-in-class and emerging technologies in artificial intelligence, machine learning, threat detection, and automation. Plus, you don’t need to hire and retain experts in-house to utilize the latest technology trends.
Partnering with an expert managed IT services provider saves money across your entire budget while getting your company access to world-class technology and expertise. At TPx, we help companies figure out how to maximize their IT budget for the highest value. Show us your IT bill, and chances are, we can help lower it! Get in touch to get started.