12 April 2024
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What are A Managed Service Providers? (Image by Liongate)

Since a couple years ago, there has been an increase in the use of managed service providers globally. Now, the question is, why use a managed service provider?

Businesses seek efficiency and streamlined operations, and Managed Service Providers (MSPs) offer just that for IT needs.

MSPs handle the heavy lifting in IT infrastructure, from network management to cybersecurity. The impact? Your business gains focus on core operations.

A study by MarketsandMarkets projects the global managed services market to grow from $275.5 billion in 2023 to $372,6 billion by 2028.

This growth reflects an increasing reliance on MSPs for enhanced IT support and services.

This shift towards outsourcing IT functions to MSPs is not just a trend but a strategic move. 

That’s why we’re going to talk about how much you can benefit from using MSP in 2024. 

Reasons for Small Businesses to Use MSPs

Small businesses use MSPs to access a broad range of IT expertise and achieve cost savings.

In a rapidly evolving digital landscape, this strategic move ensures they remain competitive and agile.

1. Access to Expertise: Leveraging Specialized Skills

MSPs bring a team of IT professionals skilled in various domains. Yes, you could access specialized knowledge without the overhead of hiring and training a full-time staff.

This access allows small businesses to handle complex IT challenges, from cybersecurity to cloud computing, efficiently.

Instead of managing IT in-house, you can rely on MSPs to handle all your technology needs and issues.

And for sure, MSP has the latest software and proper headcount to keep up with IT demands as they grow​​​​.

2. Cost-Effectiveness: Maximizing Value

MSPs provide flexible pricing models, such as per-device, per-user, or all-inclusive rates.

The pricing model eliminates your business’s need for upfront investments in infrastructure and technology.

This approach to IT spending not only reduces overhead but also allows for predictable budgeting with no surprises.

Small businesses can avoid the expenses associated with downtime. And the cost for unplanned or planned is high.

A 2019 report by Forrester and IBM found that, on average, 100 IT directors in the US reported their organizations experienced $1.5 million in costs due to planned downtime in the previous quarter, totalling $5.6 million over the past year.

That number is only for planned downtime. How about unplanned downtime? Of course, much bigger.

Furthermore, MSPs help your businesses avoid the costs of recruiting, hiring, and training IT staff.

At the same time, MSP also offers the potential for discounts on software and hardware through vendor partnerships​​​​.

3. Focus on Core Business Objectives: Unleashing Productivity

This strategic shift reallocates resources and energy towards activities that directly generate revenue.

When you choose MSPs to manage the IT complexities in your company, your businesses can invest more in your core operations.

So, your business team could lead to improved productivity and growth. At the same time, several experts handle the technological aspects.

The combination of your business team’s focus and expert handling will drive your business to operate more efficiently and effectively.

4. Proactive Monitoring and Maintenance: Ensuring Reliability

One of MSP’s roles is maintaining the reliability of IT systems through proactive monitoring and maintenance.

This approach involves continuously overseeing the health and performance of a company’s network and applications.

The goal is to identify and address potential issues before they escalate into significant problems.

By implementing preventive measures, such as regular system updates and security checks, MSPs minimize downtime and optimize system performance.

These preventative measures are important to ensure your IT systems always run smoothly and support business operations without interruption.

This proactive approach not only improves the reliability of your IT infrastructure but also contributes to a better end-user experience.

5. Cybersecurity and Compliance

According to the 2019 Verizon Data Breach Investigations Report, small businesses are the number one target for criminals, accounting for 43% of all data breaches.

This report illustrates that cybercriminals don’t discriminate based on business size. 

In fact, they may view smaller organizations as easier targets due to their potentially weaker defenses.

The significant potential fines for non-compliance with regulations such as GDPR and HIPAA further exacerbate the risk, demonstrating the financial impact of failing to protect sensitive data.

So yes, there is a critical need for robust cybersecurity measures tailored to the unique challenges small businesses face.

MSPs mitigate these risks by providing specialized knowledge and resources that small businesses typically lack.

In doing so, MSPs leverage a strategy that not only protects against cyber threats but also ensures compliance with complex regulatory requirements.

6. Scalability and Flexibility

According to Gartner, more than $1.3 trillion in enterprise IT spending is at stake in the shift to the cloud by 2022, growing to nearly $1.8 trillion by 2025.

For small businesses, this trend underscores the importance of MSPs in facilitating access to and management of cloud services.

By leveraging MSPs, small businesses can harness the power of cloud computing without making significant capital investments in IT infrastructure.

The MSP deployment strategy allows your business to scale services as needed and pay only for what you use.

This model supports growth and adaptability, which is crucial for staying competitive in today’s fast-paced business environment.

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Why use a Managed Service Provider? (Image by Comp TIA Website)

7. 24/7 Support and Availability: Peace of Mind

Invaluable 24/7 support and availability give your business access to technical assistance whenever IT issues arise, minimizing disruptions.

As a result, you can operate smoothly and efficiently without worrying about potential downtime or IT-related hurdles.

With professionals constantly monitoring and ready to address issues, businesses gain peace of mind knowing that help is always a phone call or click away.

This type of support is critical in today’s fast-paced digital landscape, where even minor IT disruptions can have a significant impact on business operations.

8. Disaster Recovery and Business Continuity: Mitigating Risks

MSPs also develop comprehensive disaster recovery and business continuity plans. This will help your business minimise the impact of unforeseen events on business operations.

By implementing proactive measures and maintaining regular backups, MSPs ensure that businesses can quickly recover from disasters, whether they’re natural calamities or cyberattacks.

This preparedness is vital for maintaining operational continuity and protecting sensitive data against potential loss or corruption.

With MSPs, businesses can adapt more quickly to emergencies, significantly reducing downtime and mitigating risks associated with data breaches or system failures.

The ability to quickly restore services and access to data after a disaster is not just a convenience but a necessity for maintaining trust and reliability among customers and stakeholders​​​​.

What are the Benefits of Partnering With MSPs?

By partnering with an MSP, your business can focus more on core objectives.

At the same time, you leave the complexities of IT management and cybersecurity to the experts.

This strategic collaboration not only enhances operational efficiency but also:

  • Help you make predictable IT costs: Streamlines budgeting with fixed monthly rates​​.
  • Enhanced your cyber security system: Provides advanced protection against cyber threats​​.
  • Boosting hybrid workforce management: Facilitates remote and hybrid work environments​​.
  • Reduced planned and unplanned downtime: Ensures operational continuity with proactive monitoring​​.
  • Expertise in your system and on-demand: Offers access to a wide range of IT specialists​​.
  • 24/7 Support: Delivers round-the-clock monitoring and assistance​​.
  • Scalability: Easily adjusts to your business growth and IT needs​​.
  • Managed security: Enhances your cybersecurity posture and compliance​​.

Conclusion

Partnering with an MSP offers a multifaceted advantage for businesses, especially small to medium enterprises (SMEs).

Partnering with MSPs is a strategic move by businesses to harness expertise, achieve cost efficiency, and bolster cybersecurity, all while maintaining focus on core business objectives.

Platforms like Octobits.io exemplify the next step in your business evolution. How? At Octobits, we offer an all-in-one dashboard for MSP and IT services.

This tool not only simplifies the management of IT services but also encapsulates the benefits of engaging with MSPs.

So, with Octobits, your business and MSPs can achieve a new level of operational efficiency. 

The dashboard centralised IT management tasks, allowing for a more focused approach to tackling IT challenges.

This streamlined management process not only aids in maintaining a competitive edge but also ensures that IT operations align more closely with overarching business goals.

Another good news is that Octobits is free for your business until 30th June 2024. 

So, if you are still trying to figure out why to use a managed service provider, try Octobits as a starter. See how much you can benefit from our services.