In recent years there has been increasing pressure, in particularly in the financial sector, of risk and compliance as a result of the unpredictable economic climate.
This has placed a greater importance in business to organise, operate and safeguard themselves as a strategic response. However, this can mean that the burden on revenue, cost and capital has increased significantly as legacy systems have previously had underinvestment.
Implementing automated systems can transform your business, however, implementation in house can be slow and commercially unviable, along with the added complication of trying to find the skilled employees to manage this.
The key issues with creating your own managed services:
- Market & regulatory changes: This has increased the capital spend needed to ensure that your systems are operating under compliance.
- Technology changes: So many innovations have occurred and it’s costly to be innovative an keep up
- Where’s the talent? Finding the right employees is difficult and time consuming not to mention costly.
- Rising Costs: The growth in risk and compliance to meet regulatory demands has businesses incurring greater costs.
How can managed services help?
Often people can think that allowing an external company to manage all your internal systems can be costly and risky, however, this is not the case and the rewards can be significant for your business:
Partnership: Working with an external company for the Managed Services, can transform and run your business operations and processes improving your operational quality and efficiency.
Cost reduction: Your costs will be reduced whilst also having the flexibility for saleability if you have multiple locations and larger numbers of employees.
Access to innovations: Your managed services provider will have all the experts necessary to improve the efficiency of your systems and keep you ahead of the game.
Agility: Flexibility, saleability easy to change
Save time, improve efficiency: You can focus on your business while your manged services provider can ensure its running smoothly.
Access to experts: they will have cross sector knowledge and experience to offer you the right solutions for your business.
This requires careful consideration:
- Your choice of managed services provider should be based on research where they demonstrate how they learn to understand your business and your needs. Are they innovative, flexible?
- Smooth transition: understand and review how they transition your business to their new operating systems, do they train your employees, what sort of testing will there be
- Manage your stakeholders: get all involved and invested in these new processes.
Talk to Mode today if your business is looking for a managed services provider and find out how we can help you.