Pushing the boundaries of science goes hand-in-hand with pushing the boundaries of tech. However, many biotech companies find their tech lagging behind current innovation - posing a risk to their data.
As a Managed IT Service Provider (MSP), we’ve seen the first hand benefits biotech companies experience when getting Managed IT. Reflexion and ExploraMed, two biotech companies partnered with ITS, are reaping the benefits of outsourcing their IT infrastructure.
And by the end of this article, you’ll be able to check if the benefits sound right for your company.
1. Managed IT saves biotech companies money.
At the end of the day, money matters. And an MSP can offer a lot of opportunities to save money and improve revenue for your business, especially if they do their job well. Managed IT saves money by:
Minimizing IT staffing costs
One of the most significant business expenses and security risks is your staff. Using Managed IT allows you to do away with all staff concerns like salary, bonuses, training, and insurance.
You also do not lose out on quality team members because all MSP staff undergo training to keep their skills up to industry standards. They also benefit from being veterans in the IT industry, with their experience helping them make the best decisions for your company.
Mitigating the risk of hacking incidents
Cybercriminals have a lot to gain by hacking your business; they line their pockets with money from compromised businesses. In the first quarter of 2022 - from Business Email Compromise alone - companies saw a $1.8 billion loss.
The risk of lost money and data in biotech companies is even higher than in other industries, as research patents, unique data, and long-term research projects are all vulnerable to data breaches.
Shifting to the Cloud
Another cost-cutting benefit is the shift to the cloud. MSPs use the cloud to minimize the IT infrastructure you need to purchase. Top-of-the-line machines and innovative hardware is already costly - removing IT infrastructure as another thing biotech companies need to purchase can clear up your budget. B
Most MSPs provide hardware and software you can rent as part of your monthly fee - though it is recommended that you purchase your own servers and workstations. But removing the difficulty of setting up and maintaining IT equipment is already a big relief for multiple companies.
Updating inefficient hardware and software
Managed IT keeps your tech up to the latest standard, and while this costs more up-front, it saves money in the long run by preventing crashes and data breaches. It also keeps you from being overwhelmed by tech debt.
Preventing downtime and loss of productivity
According to Uptime Institute, “Outages, while less pervasive than in previous years, has become way more expensive. Over 60% of the respondents reported losing more than $100,000 to downtime. Of that 60%, 15% lost over $1 million.” Therefore, your MSP keeps you from bleeding money out during downtime by preventing downtime.
2. Managed IT provides 24/7 support.
The field of biotechnology can involve long-running experiments and worldwide communication with different labs. From coordinating with suppliers or presenting research to grant organizations and interested investors, biotech companies often need 24/7 support.
Due to their utilization of multiple IT personnel, MSPs can provide round-the-clock monitoring of your network through staff and software monitoring. If you have suppliers in different countries, you can rely on MSPs to get the message to you.
Also, because of specialized staff, MSPs can work together with internal IT. If your internal IT has issues with projects or problems beyond their scope, MSPs can cover for them.
3. Managed IT improves cybersecurity.
Cyber-attacks have gotten so destructive that President Biden allotted $2 billion for government cybersecurity improvement. With over 623.3 Million ransomware attacks and 5.4 Billion malware attacks in 2021, companies can no longer be complacent in our tech environment.
It’s not a matter of if you will experience a hacking attempt, but when.
An MSP can improve your organization’s cybersecurity efforts; they point out vulnerabilities in your network and provide recommendations to fix them. Also, they will ensure that your systems are up-to-date and up to current security standards by implementing patches, updating your devices and software, and much more.
You don’t even need to be partnered with an MSP to get a free network assessment. Many MSPs allow prospective clients to go through a network assessment to see their IT needs with no strings attached.
Read “What is a Network Assessment? Definition, Scope, and Why You Need It”
4. Managed IT helps you meet regulatory standards.
Whether it be the FDA, the U.S. Environmental Protection Agency (EPA), or USDA's Animal and Plant Health Inspection Service (APHIS), your biotech business is under some kind of regulation.
Whether it’s the government or other third-party regulators, an MSP can help you stay compliant with IT standards.
Plus, the requirements for cybersecurity insurance have become more stringent. Your MSP can help you meet these requirements.
5. Managed IT keeps your data safe.
According to IBM’s Cost of a Data Breach Report 2021, a data breach’s global average total cost is 4.2 million dollars. Most of the cost is connected to the lost data, loss of customer trust, and loss of productivity.
An MSP helps mitigate these costs by a) providing a strong cybersecurity network and b) managing a complete backup and disaster recovery system. Managed IT keeps a team of people to monitor your IT security and backups and points out common vulnerabilities and what can be done. They also do the hard work of testing these systems to prove their strength.
Wondering about the cost of Managed IT for your biotechnology business?
Managed IT is a tool that can bring you peace of mind in an increasingly risky and competitive environment. It may be the best solution for your business with its ability to help you save money, provide 24/ customer support, improve cybersecurity protection, and maintain IT regulatory standards.
But what now? Can you implement Managed IT in your organization without going over budget?
Read How Much Does Managed IT Cost? (5 Price Factors) to find out. As an MSP, we know how much keeping IT costs low while maintaining quality matters. This article will help you prepare your budget for Managed IT.
