More and more financial institutions are exploring managed IT services, and it’s easy to see why. Managed services allow you to dedicate your time to more critical tasks, such as running your business.
But, how exactly can the banking, financial services, and insurance (BFSI) industry benefit from it? Read on as we drill down into the benefits of managed IT services for BFSI.
What are Managed IT Services?
Managed IT services refer to the delegation of IT tasks to expert third-party companies, otherwise known as Managed Service Providers (MSPs).
They handle either a portion or an entire business IT system, as stated in the Service Level Agreement (SLA). The services and other crucial information are defined in the SLA, including the metrics for success measurement.
10 Ways Managed IT Services Can Benefit the BFSI Industry
Banks, insurance companies, and other financial institutions have a crucial responsibility to their customers. If you’re in the BFSI industry, turning to a reliable third-party provider for managed services gives you the following benefits:
1. Predictable Spending
Setting up IT infrastructure and systems requires a vast amount of investment. The thing is, it can be challenging to predict operating expenses as your organization grows.
When you outsource IT services, third-party providers will consolidate these expenses into a single, fixed OPEX. MSPs calculate hardware issues, repairs, and maintenance into your operational budget since their monthly rates are typically fixed.
Put simply, your operational budget won’t get hurt when unexpected IT issues occur. You’re able to predict and manage your spending by investing in the right solution.
2. Qualified and Certified Experts
One of the most significant managed IT services benefits is that you onboard highly qualified IT professionals. These experts are well equipped with qualifications, certifications, training, and experience.
A reliable managed IT services provider will give you access to a top-notch IT team with specialized expertise and skillsets. You no longer need to rummage through job portals to find the right people to manage your IT systems.
For instance, 天博, a leading IT service provider in the Philippines, deploys well-rounded IT professionals to BFSI organizations. These IT experts are armed with proper training and digital practices to ensure your projects are implemented quickly and optimally.
3. Proactive Management
Managed IT services also give you peace of mind, knowing you have proactive IT experts managing your systems. With a highly skilled and well-trained IT team, you can catch issues before they worsen into a serious dilemma.
Proactive management helps ensure business continuity with minimal downtime. As a result, you can go about your operations without disruption and respond to your customers’ needs faster.
4. Quicker Response Times
In today’s busy world, employees work fast, so you must avoid downtimes and technical difficulties. Managed IT services provide 24/7/365 support to ensure your staff remains productive, especially during high traffic times.
By having a support services provider, you can be confident that help is always available. This is especially important for your customers when they need to access their accounts anytime, including weekends and holidays.
5. Reduced Capex
Managing an in-house team means you need to deal with high costs, such as monthly salaries and benefits. You also need to spend on office upkeep and training to ensure employees are familiar with your systems and processes.
By outsourcing IT services to experts, you reduce these capital expenditures and other IT costs. Managed services also help lower your expenses on consultations, licensing, training, emergency fixes, and labor rates.
6. Data Compliance Support
Many organizations, including those that belong in the BFSI industry, need to meet strict integration requirements and standards. These standards include specific rules regarding financial services and data privacy.
A managed services provider is well-versed in these requirements, providing more benefits for your business. The data compliance support MSPs offer will also help you save time and money.
7. Enhanced Security
BFSI organizations handle sensitive customer information. For this reason, you must reduce risks related to data leakages and credit card use, among other things.
Outsourcing managed IT services provides this significant benefit: It helps ensure your organization remains compliant with security standards. MSPs put in place security measures to keep your customer data safe so that you can prevent serious problems.
8. Vendor Management
It’s a tall order for many businesses to maintain a list of IT-related vendors. Thankfully, MSPs also have access to hardware and software vendors, which means you don’t have to worry about them, too.
In short, you no longer need to engage in complex, technical conversations. Additionally, you can get the best equipment rate on the market with your chosen managed IT service provider.
9. Eliminate Inefficiencies
All businesses carry some degree of risk, which includes evolving technology, financial conditions, and changing market situations. Managed IT services help you mitigate common business risks since IT experts understand the ins and outs of the industry.
These experts are also knowledgeable about security and compliance; hence, they can support your organization properly. IT management with cloud computing also helps reduce inefficiencies, resulting in improved productivity and faster time to market.
10. More Focus on Business
Outsourcing IT services means you’ll no longer have to waste time trying to understand what’s wrong with your system. If you’re not knowledgeable about computer technology, it can be taxing and time-consuming to analyze how to fix an issue.
MSPs provide you with the right tools, knowledge, and people, so that you can focus on your core business. As a result, your organization can attain the highest level of efficiency and best results possible.
Keeping your business operational and running smoothly is key to delivering outstanding customer service. You’d want your organization to lead your industry, so it makes sense to explore innovative solutions to level up.
Managed IT services bring incredible value to your organization, from providing highly skilled experts to achieving improved business efficiency. The key is to choose the right IT service company that can provide the best solution for your business.
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Not sure which IT services you need to scale your business? Check out this full list of IT solutions to find the right one for your business.
Slow networks, unsuccessful backups, and insufficient technical support put your business at a disadvantage. And it can be challenging to figure out which IT services would help you overcome these taxing tech woes.
If you’re curious to know how to find the right IT solutions for your business’ pain points, read on. We’ll get to the heart of common IT issues and help you determine the right IT services to solve them.
What are IT Services?
But first, let’s define what IT services are.
IT services enable organizations to create, manage, and optimize their access to information and processes by applying business and technical expertise.
They are segmented by skill types essential for delivering the service, including design, build, and run.
There are different service categories: application services, business process services, and infrastructure services.
Many companies are outsourcing these IT services to let experts handle what their internal staff cannot support. By partnering with the right IT support provider, enterprises can reduce costs over time as it can prevent problems from arising in the first place.
How to Choose the Right IT Services for Your Business
Now that you have a general understanding of IT services, let’s break down some of their most common types. Take a look at these examples of IT services and the corresponding business challenges they help address.
Managed IT Services
Ideal solution for: Lack of qualified or professional experience
Modern businesses likely have ongoing IT tasks that require regular management. Some of these tasks include putting in place cybersecurity measures, running equipment, and monitoring applications, among others.
But the thing is, not all businesses have in-house resources to manage these tasks effectively. Here’s where IT outsourcing comes in handy.
Managed IT Service is when companies outsource specific IT functions to a third-party provider known as Managed Service Provider (MSP).
MSPs serve companies that have little or no internal capabilities by providing experts to perform crucial IT functions.
MSP services range from basic ones like keeping IT equipment working, to providing an entire team to manage a business’ tech operations.
Here are some of the managed IT services you can outsource to keep your business functioning optimally:
- App Services. With app services, support teams help you boost the operability, security, and speed of your applications.
- Systems Admin Services. Solve issues and maintain the optimal performance of your systems, servers, and networks with the help of outsourced IT experts.
- Desktop Services. Maximize efficient onsite and remote IT support to ensure the security and reliability of your computers.
- Expert Services. Gain a fresh perspective and develop innovative solutions for your corporate needs as experts help you address project gaps.
- IT Staff Augmentation. Allow a reliable third-party provider with IT industry hiring experts to do the staff recruitment for your organization.
Custom Software Development
Ideal solution for: Outdated technology
Every business has unique requirements, and custom software development works to address those specific needs.
Just like how a suit is tailor-fit based on style preferences and accurate measurements, a custom software solution is designed for unique and distinct functions.
Otherwise known as bespoke software, custom software helps businesses address pain points by creating tailored solutions, such as:
– A banking app designed to meet the needs of a financial institution and its customers
– An equipment maintenance program for manufacturers
In-house development teams typically develop custom software, although you can also outsource it to a third-party provider. Below are some examples of custom software solutions:
- Web Applications Development. Develop a tailor-made web-based solution, be it a corporate website or an e-commerce store, to address internal and external issues.
- Mobile Applications Development. Be mobile-ready with stable and safe mobile applications developed by an industry expert third-party provider.
- System Integration. Integrate all your IT subsystems into a single platform for enhanced access and maximum efficiency.
- Business and Productivity Software. Enhance business processes and optimize workflow in less time through custom-fit software.
Cloud Business Solutions
Ideal solution for: Business continuity and disaster recovery
Cloud services are software, infrastructure, or platforms that third-party providers host and make available through the internet.
They facilitate user data flow from front-end clients (e.g., users’ desktops, servers, tablets, etc.) to the provider’s systems and back.
Organizations can benefit from cloud services in many incredible ways. For instance, cloud solutions help enterprises increase their agility by making IT resources accessible in a few clicks.
Another benefit, and probably the most significant, is they support business continuity and disaster recovery.
Cloud computing services help organizations to back up their sensitive data and information, applications, and operating systems speedily.
By enabling faster uploads and downloads of important computing features, organizations can be better prepared for natural and human-made disasters.
Take a look at some of the cloud business solutions you can empower your business with:
- Cloud Migration. Support flexibility, elasticity, and redundancy on a pay-per-use model.
- Cloud Orchestration. Streamline and automate cloud operations to reduce overall resource cost.
- Cloud Security. Manage risks brought about by natural and human-made incidents and ensure business continuity.
Ideal solution for: Team productivity, workforce efficiency, and customer engagement
Custom-made solutions make wise investments for unique business needs. But if you’re looking for a more accessible and convenient option, ready-to-use platforms are your best bet.
Since these platforms are already readily available, you no longer need to ideate, plan, and develop a solution from scratch.
Apart from saving a significant amount of effort, they also allow you to avoid steep development costs.
Even better, these platforms free your team from mundane tasks, allowing them to remain productive and efficient.
Some platforms are also designed to help your business engage with your customers more effectively.
These pre-built solutions are great options for startups and small organizations, although large enterprises may also find them beneficial for their bottom line.
Take a look at some of the ready-to-use platforms you can leverage for your business:
- Visitor Management. Utilize a visitor management tool to search through your visitor log quickly and efficiently.
- SMS Solutions. Engage with your customers efficiently anytime and anywhere by reaching them where they are: mobile.
- Ecommerce Solutions. Create a digital store using a platform with built-in tools and features designed to make your life easier.
- Cloud ERP Software. Ensure team productivity and business efficiency with a top-notch management solution.
Outsourcing IT services to a third-party technology provider makes a sound choice, especially if you’re seeking to accelerate your business.
Thankfully, there are reputable and reliable IT companies that offer these services. If you’re not sure how to find the right technology partner for your business, you can read this guide.
Wrapping up, these IT services provide a much-need relief for any struggling organization. The key is to assess your business needs, seek out the best solution, and partner with the right IT services company.
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