For businesses trying to protect their bottom line, it can be tempting to reduce the IT budget and spend less on technology-related items. However, it can be damaging to your business security and your wallet if you eliminate crucial IT investments.
Rather than cut costs by neglecting cybersecurity or putting disaster recovery on the back burner, companies should be looking for smart IT investment opportunities. One method for saving money without sacrificing important IT maintenance is outsourcing IT to a reliable Managed IT Services Provider (MSP).
Let’s examine the main cost-saving benefits of subcontracting IT maintenance.
Affordable Monthly Fee
The business model of a Managed Services Provider allows clients to be serviced at a lower price than that of in-house IT personnel. MSPs can offer a reduced cost because their team of IT professionals provides services to many clients rather than just a single business. You end up with the cost savings and still get access to round-the-clock monitoring and support and a fully equipped team of professionals to manage your IT.
With an MSP, you have a set monthly cost based on the services package that best meets your business needs. This means the expenditures are predictable, a great benefit when compared to generic “break/fix” IT support that results in ad hoc (sometimes large) costs every time there is an IT issue.
What’s more, the cost of MSP-provided services is generally lower than that of one salaried employee, which means you get access to a full team of IT professionals, with more resources, for about the same cost as an in-house “specialist.”
A Proactive Security Approach Reduces Downtime Costs
For any business, downtime is costly. For every minute your systems are down, there’s a minute of productivity lost, which has a direct impact on your business profits. In fact, a Gartner study shows that the average cost for an hour of downtime is about $300,000. Even if that number is lower for you as a small business, lost profits in the event of prolonged downtime can have severe—even detrimental—effects on your business.
The benefit of a Managed Services Provider is a significant reduction in downtime and its associated costs due to a proactive security approach. While some IT companies follow a break/fix approach and only repair issues as they arise, MSPs monitor your systems 24 hours a day, 7 days a week to search for vulnerabilities in your system that could cause downtime. They also patch software weaknesses to thwart security threats. By reducing downtime, MSPs boost productivity and can save your business thousands of dollars.
Cybersecurity Services Prevent Costly Data Breaches
There is no question that cybercrime is a major concern for modern businesses, especially as threats like ransomware and phishing grow increasingly advanced. If you cut investments in cybersecurity, your business is much more likely to face the exorbitant costs that come with a data breach.
According to an IBM study, a single data breach can cost an average of $3.92 million. It’s a shocking number, but an accurate one nonetheless, and a consequence that several businesses worldwide have had to face because they neglected cybersecurity. In fact, according to Hiscox’s 2019 Cyber Readiness Report, only 11% of businesses can consider themselves cybersecurity experts, while the rest still need improvement before their systems are fully secure.
By investing in a reliable Managed Services system, you can take your cybersecurity defenses to the next level. Not only does 24/7 monitoring allow you to detect and patch vulnerabilities in your systems, but other services such as data backups, disaster recovery planning, and software management can ensure that your systems are protected on every front.
Improve Efficiency and Eliminate Unnecessary Costs
When you contract with an MSP, you will have at your side a team of experts who can strategize according to your business needs. Rather than provide generic solutions, they will be able to offer customized services that align with your business goals and strategy. Then your IT systems can actually facilitate and enhance business growth.
Additionally, Managed Services Providers can advise you on the most efficient upgrades, technology investments, and more to ensure that you aren’t spending money on unnecessary items. Because the MSP becomes your IT partner, it has an interest in the success of your business and is more concerned with maintaining a healthy IT infrastructure than selling you products you don’t really need.
Hiring a Managed Services Provider is an excellent option for businesses that are looking for more cost-effective IT management without sacrificing security or efficiency. If you want to learn more about ITS Group’s Managed IT Services, contact us at (941) 727-4487 today.