What Is An MSP?An MSP is a third-party company that is hired for outsourced computing and IT-related job functions. These job day-to-day management functions include services like cloud computing, IT infrastructure, and cybersecurity threat monitoring. MSPs provide these services in a more cost-effective way than the enterprise can do alone. Since technology is always evolving and becoming more complex, by having a MSP your company will always stay compliant and up-to-date with the new changes.
What Industry is MSP In?Managed service providers (MSP) oversee job functions within the Information Technology space. This IT space includes anything involving computer-related solutions like cloud hosting, data storage, backup and disaster recovery, telecommunications networking, wireless device connectivity, software licensing, and hardware procurement. Given how companies like CorCystems help manage the daily, routine operations of a business, MSPs are the backbone of the IT industry.
Why has the MSP industry grown so much?
The Managed IT Provider industry has grown significantly over the past decade due to a number of factors, including:
Increasing importance of ITAs businesses of all sizes come to rely more and more on technology to operate and compete, the need for IT support and management has grown significantly. MSPs offer a cost-effective solution for companies that do not have the resources to hire and maintain an in-house IT team.
Cybersecurity concernsCybersecurity threats have become more frequent and sophisticated, which has led to an increased demand for MSPs that can provide security and data protection services.
Cloud computingCloud computing centralizes and streamlines the access to computational resources, like applications, data storage, networking capabilities, and servers. Improved network connecitivty and lower-cost personal computers have created a perfect environment for cloud computing to grow. The adoption of cloud computing has increased as it allows for more flexibility and scalability than traditional IT infrastructure. MSPs are well positioned to help businesses take advantage of the benefits of cloud computing.
Remote work and Bring Your Own DeviceWith the rise of remote work and the trend of employees bringing their own devices to work, the need for remote management and support services has grown. MSPs can provide these services to businesses to help them manage their IT infrastructure and support their remote workers.
Regulatory compliance requirementsMany industries are facing regulatory requirements that they need to meet in terms of data protection and cybersecurity. MSPs can help companies to comply with these regulations by providing the necessary services and technologies. The increasing inter-connectivity and complexity of all these workplace tools has lead to managed IT service groups providing security compliance-as-a-service among their many offerings.
Small- and medium-sized business adoptionSmall and medium businesses represent a large market segment that increasingly require IT services. While the initial costs adding a new piece of hardware or software has dramatically dropped in the past 20 years, the management and maintaince of still costs time and money. Small businesses may be able to purchase the monthly service charge for these solutions, devices, and SaaS platforms, but they cannot afford the cost of an in-house IT department. MSPs have grown to address this market segment by providing a variety of services that can be tailored to the specific needs of SMBs.
All these factors have driven the growth of the MSP industry over the past decade, as businesses have come to realize the cost and operational benefits that MSPs can provide. With the ongoing development of new technologies, the need for MSP services is likely to continue to grow in the future.
Benefits of Outsourcing to MSP IndustryThe managed service provider industry has been growing at a rapid pace in recent years, with more and more companies outsourcing their IT needs to these providers. Most companies invest in IT solutions to improve the flexibility, efficiency, productivity, and scalability of their work processes. Though, the benefits of digitizing and automating these workflows can prove burdensome when considering how much time is required to manage these complicated, interconnected systems. Despite the coordination loss required for managing your IT infrastructure, there are a number of benefits that come along with investing in managed it service providers, which include:
- More efficient and reliable IT operations
- Enhanced security and compliance
- Data backup and recovery
- Cost Effectiveness
What are the types of Managed IT Services?There are various types of managed IT services provided by MSPs. Not all MSPs offer all services, and not all MSPs specialize in all types of managed IT services:
Network Management:This includes monitoring and maintaining the performance of an organization’s network infrastructure, including routers, switches, and servers.
Cloud Services:This includes managing and maintaining an organization’s cloud-based infrastructure, such as servers and storage, as well as services like Software as a Service (SaaS) and Platform as a Service (PaaS).
Security Management:This includes managing and maintaining an organization’s security systems, such as firewalls, intrusion detection and prevention systems, and antivirus software.
Backup and Disaster Recovery:This includes creating and maintaining backup copies of an organization’s data, as well as developing disaster recovery plans to ensure that data can be restored in the event of a disaster.
Help Desk and Technical Support:This includes providing end-user support for an organization’s employees, as well as remote and on-site technical support for an organization’s IT systems.
IT strategy consulting Services:This type of service offered by vendor or IT expert company, which helps to provide the organization with strategic advice and guidance on IT-related matters, including technology planning, implementation, and management.
5 Industries that Could Benefit from an MSPListed below are five examples of industries that would successfully grow from having a managed service provider.
1. Auto Dealership IndustryPrice doesn’t sell a car. A salesperson sells a car. But they need a little help getting it done. Automotive dealers and shops rely on their IT systems for almost everything. We’ve noticed that smaller, independent proprietorships owned-operated by a single person or family can usually manage their limited operations by themselves. Most dealerships are fairly small affairs, with 94.2% of dealership owners owning 1-5 different dealerships. For better or for worse, dealership operations like sales and marketing, finance, service, parts, delivery, inventory, accounting, and fixed ops can usually float about inside an owner’s head. Whether they are processing payments, communicating with clients or repairing vehicles, an IT system has become a crucial part of their company’s day-to-day operations. Where off-the-shelf software packages can effectively manage, synchronize, and automate internal operations for the benefit of the customer, they’re fairly limited in their scope. Most people think that an auto dealership would be nothing with its auto mechanics, but we know it’s really the auto dealership’s customer relationship management software that keeps the wheels turning. A CRM solution stands between various salespeople on the sales floor, the unconfident customers walking through the door, and sales managers looking at their teams’ monthly KPIs. Any quality CRM will usually help customer-facing employees in a variety of ways. First and foremost, CRMs need to be simple and easy for the end-user. They can achieve this by providing flexibility and convenience in customization, accessibility, and utility. Once any user is habituated to using the CRM, then the full functions and features are opened up. These functionalities include automating sales and marketing workflows, contact or account synchronization, or managing the lead opportunities themselves. Although closing deals is how an auto dealership can keep the lights on, dealerships serve other functions:
- Provide ongoing car maintenance packages or ad hoc auto repair service
- Supply OEM auto parts to other repair shops or DIY consumers
- Source and offer in-house financing packages
- Calculate and allocate sales commissions to their sales teams
- Order OEM auto parts for both the Parts and the Repair departments
- Track total incoming revenue and outgoing expenditures for accounting purposes
2. Healthcare IndustryNowadays, more and more healthcare facilities are realizing that overall patient care doesn’t just involve medical attention. It also deals with making sure your patient’s data is secure. One way to do this is by working with the right managed service provider (MSP) to ensure that transactions go smoothly and patient data is always protected. When you work with a provider that is able to provide you with assistance whenever and whenever you need it, you are guaranteed:
- Fast response times
- Proactive security
- Staffing services
- Business Continuity
3. Hospitality industry’s need for high-speed wi-fiThe need for industries having a trusted IT staff is more necessary than ever before. The hospitality industry is no exception. The main concern in this particular industry is to always make sure that your guests are having the perfect customer experience. Having a managed service provider will allow you to achieve that goal. Hospitality means guests. Because the hospitality industry deals with a huge amount of guest’s data, they require the right form of security, always ensuring they are compliant with rules. Guests also don’t want to experience slow internet when they’re using WiFi network. If restaurants, hotels, or country clubs are offering WiFi as a value-add to the customer experience, then that offering should be a pleasurable one. Technology is relied on in the hospitality industry through booking/ordering systems, and restaurant/room Wi-Fi networks, so it’s more important than ever to protect your business and data.
4. Finance industryUsing managed service providers is a strategic way to better organize, operate, and safeguard your business. As financial companies try to get through today’s unpredictable economic and regulatory system, the need for risk and compliance management is increasing as more companies are using security compliance as-a-service solutions. Being a financial service company, you work with customer’s sensitive and personal data on a daily basis. Enhancing your customer’s experience includes protecting their information. Nowadays, businesses are under pressure to provide customers with high-quality IT services, so they can assure that their data is always safe. Not only is data protection the only thing to worry about there are also many potential threats from external and internal sources:
External Threats• Cross site scripting • SQL injection • DOS, DDoS • Phishing • Stolen credentials/identity • Brute force logons • Failed 2FA attempts • Failed reset passwords • Spoofing
Internal Threats• BotNets • Malware • Viruses • Worms • Trojan horses • Spyware • Adware Investing in an MSP will present your business with many benefits like:
- Saving time and money
- Having access to top technology
- Working with knowledgeable experts