Maintaining your business’s technology can be costly, especially if you are a smaller company. Investing in repairs and upgrades can be crucial to ensuring that your technology is up-to-date and running efficiently. Due to this, small businesses devote a larger percentage of their yearly income to managed IT services compared to medium and large enterprises.
The question of whether investing in IT services is worthwhile is an important one to consider. As a large amount of money is spent annually on IT services, it is crucial to ensure that the money is being put to good use and that businesses are getting an adequate return on their investment. A reliable IT service is not a cost; it is an investment.
Is the money you are spending on your IT service resulting in a positive outcome? If not, it may be time to reevaluate your managed service provider (MSP).
How to Determine the ROI on Managed IT
By calculating the net gain of an investment and then dividing it by the total cost of the investment, you can determine your return on investment (ROI). This is then multiplied by 100 to get a percentage figure.
Figuring out your return on investment for hiring a managed service provider can be a tricky process. It’s not a one-size-fits-all calculation and requires considering a variety of factors. Taking the time to understand the potential costs and benefits associated with an MSP can help you determine the financial success of this investment.
Engaging an MSP for your business can help to make your processes more efficient and reduce the amount of time your business is not operating, but these advantages are hard to quantify. To determine if your MSP is working for you, it is vital to assess the overall impact it has on your business.
Analyze how the MSP has improved your revenue, productivity, and other key metrics. Evaluate how it has helped increase customer satisfaction and any other benefits it has provided. By breaking it down to the basics and considering the potential benefits, you can determine if the MSP is producing positive returns.
Time Saved
MSPs allow you to save time by taking care of the more minor details related to the technology. This includes keeping up with licenses, warranties, and software updates. By entrusting this responsibility to an MSP, you can use your own time to focus on the future and growth of your business.
In addition, the financial cost of IT outages can be substantial. This amount can differ depending on the type of organization, however, as different businesses have different levels of IT infrastructure.
To determine the ROI from reduced downtime, you need to look at how much time was lost due to technical issues before you started working with your MSP. Then, compare that to how much time was lost after you started working with them. Also, consider how many people were affected by each downtime episode and how long each lasted. With this information, you can calculate how much time and money was saved due to having a managed service provider.
Cybersecurity Ensured
The financial impact of cybercrime on businesses is immense. This includes financial losses, reputational damage, data loss, and damage to equipment. These losses can severely impact the bottom line of any business.
A reliable MSP will not only give you access to the most up-to-date tools and methods to protect your business from cyberattacks but will also work with your team to educate them on cybersecurity best practices. This will help ensure your data and technology are secure and protected.
Conclusion
Gains from your managed IT services may not be visible immediately or easy to measure, but working with a reliable technology provider can have a positive long-term return on your investment. They should be open and honest about their services and be able to reduce any downtime you experience, improve your cybersecurity and keep your technology running smoothly.
If you are looking for an Atlanta IT company, rely on Relevant. We are IT consultants that provide information technology services, such as IT support to the Atlanta area. Contact us today.