Every day brings new challenges and opportunities. Daily news can send the markets into a tizzy, which can, in turn, significantly impact financial services firms. Market volatility and threats of downturns and recessions can have even the leanest organizations trying to cut costs and improve margins wherever possible.
That’s why many financial services companies outsource their IT departments. Managed service providers (MSPs) can help lower costs without compromising operations or support.
The Benefits of Outsourcing IT
Is outsourcing IT the right path for you? Many financial services firms are reevaluating their budgets and finding that shifting efforts allow them to do what they do best – providing quality financial services to customers. Outsourcing IT allows you to:
Save Time
Ever missed a project deadline due to an IT problem? In-house IT personnel are often in reactionary mode, handling break-fixes, updating software patches, and fulfilling employee requests, all of which take considerable time. Partnering with an MSP to manage productivity solutions will free up your IT team for bigger-picture projects that add to the bottom line.
Save Money
Hiring and training IT staff and keeping them fully trained and certified to meet current qualifications costs money and time. By working with a managed service provider, you’ll have access to top resources without the costs of maintaining an on-site staff. You’ll also get access to the latest cloud-based technology that is more cost effective to purchase and maintain than sticking with your legacy systems.
Stay Agile
Tired of worrying about upgrading technology? Or tracking what latest-and-greatest tools are worth investing in? Outsourcing IT gives you the advantage of relying on a well-trained, efficient, managed service provider who makes it their job to stay up to date on technology changes and developments in the financial services industry. With access to cloud-based solutions, investing in new technology is much less expensive than the upfront costs of on-premises solutions.
Stay Secure
Cybercriminals work tirelessly to devise new ways to break into a system. Working with a cybersecurity managed services provider helps you stay secure without researching the latest cyber threats and attacks.
Outsource IT or Augment Your IT Team?
Sticking with an in-house IT team means higher overhead as you hire, train, and invest in on-site personnel. Outsourcing IT allows you to move ahead and maximize every aspect of your financial services business with specialized help. This isn’t an either/or decision. Many financial services firms start small and outsource specific tasks, ultimately freeing up their teams to work on other projects. As you get comfortable with the process, you’ll find more ways to grow your business.
What Types of IT Can You Outsource?
Financial services organizations typically engage with managed services providers to take on the sourcing, installing and management of a variety of IT-oriented business services including:
Internet
With internet services, businesses can create a reliable and cost-effective network that allows you to easily connect with customers, suppliers, markets, and locations.
Network Services
Increase productivity and lower costs through end-to-end management of your network’s infrastructure.
Cybersecurity
Rely on TPx’s managed security services to overcome skill shortages or develop efficiency in your ongoing quest to fight new threats.
Cloud Communications
Find the best way to stay connected with cloud communications and collaboration solutions.
How TPx Can Help
Technology is complicated. Keeping up with a changing IT environment can be daunting, but your financial services organization doesn’t need to tackle it alone. By outsourcing IT to a managed services provider like TPx, you can create a fruitful partnership. As a single provider for cybersecurity, connectivity, network services, and cloud communications, we can solve all your biggest IT issues. For more information about how TPx can help your business, contact a TPx representative today.