By: Mark Sheldon Villanueva on March 22nd, 2022
How Co-Managed IT Helps Your Company Save Money
Let's get this out of the way. Many in-house IT departments are understaffed and under-funded. Sadly, that is often the reality for many businesses across the country. Developing your own IT infrastructure requires a lot of time, talent, and money. Those are resources that you don't have a lot of. And more often than not, IT gets the short end of the stick because the return on investment (ROI) isn't always obvious.
At ITS, we've helped hundreds of businesses manage their technology for almost 20 years. From our experience, maximizing your technology is essential in today's business landscape. In fact, missing out on good IT services can be more costly than leaving things the way they are.
An overworked and understaffed IT team won't be able to provide the right level of support your business needs. That can lead to significant downtime, inefficient systems, and low team morale and productivity. Or worse, it could leave your networks open to cyber-attacks. All of that will cost you more than you would save had you just invested more in your IT.
So how do you invest in your technology without breaking the bank and losing the IT team you've already built? That's where co-managed IT comes in.
In this article, we'll help you understand how opting for a co-managed solution is an investment that can save you money down the line. To do that, we'll dive into the following:
- What is Co-Managed IT?
- How Does Co-Managed IT Help Businesses Save Money?
What is Co-Managed IT?
In the simplest terms, Co-Managed IT is a system where a managed service provider (MSP) partners with your in-house IT to support your IT infrastructure. That allows you to supplement the skills of your existing IT personnel, as the MSP will basically fill in any gaps that your team might have.
For instance, say your current IT department is great at taking care of the day-to-day fires that inevitably come up in a normal workday. However, they struggle to get to other important tasks like updating your company's cybersecurity and creating data backups. Or, maybe it's the other way around, where your IT department is very focused on security but struggles to find time to assist employees with day-to-day issues.
Co-Managed IT will cover all the things your team is struggling with to ensure your tech gets the right level of support it needs.
Co-Managed IT doesn't just supplement your team's skills. It also provides them with better access to tools and software that would allow your organization to maximize them.
Regardless of what your IT department's current needs are, co-managed IT can provide an effective solution. In other words, the goal of Co-Managed IT isn't to supplant your current IT team but rather to help them do what they do best.
How Does Co-Managed IT Help Businesses Save Money?
Co-Managed IT can bring a lot of cost-saving benefits to your organization. However, don't get the wrong idea. Because like all investments, you will need to put some money into it before you see the returns. With that in mind, the future savings will outweigh the initial costs. Check out below how Co-Managed IT can help your company save money:
Co-Managed IT can effectively reduce downtime for your systems. That's because it ensures your machines are always well-maintained, your backups are up and running, and your team gets support when they need it.
According to Gartner, the average cost of downtime for US businesses is around $5,600 per minute, that's over $330,000 an hour. That means getting your systems back up quickly and reducing downtime can save your business thousands of dollars that you otherwise would have lost due to extended outages.
Helps In-House IT Focus on More Important Tasks
Another benefit of having co-managed IT is that it allows you to maximize the team you already have. Your IT personnel can shift their focus and play to their strengths and leave everything else to your MSP. It also helps your IT staff from burning out, enabling them to put more energy into essential tasks.
Extends the Life of Your Equipment
Ensuring that your machines are always well-maintained and up-to-date with the latest software versions and security patches can extend the life of your devices. The cost of purchasing new equipment can add up over time. That's why maximizing the life of your machines can save you a lot of money down the line.
The cost of dealing with cybercrime is on the rise. In fact, according to a data breach report by IBM and the Ponemon Institute, the cost of a data breach in 2021 is $4.24 million. That's 10% higher than the recorded $3.86 million in 2019. Cyber-attacks are a costly ordeal. However, partnering up with a reliable MSP to help improve your cybersecurity posture can prevent that outcome.
Whether it's providing your in-house IT with the latest security tools and systems to helping you comply with cybersecurity regulations, co-managed IT can help you achieve your security goals.
Related article: Co-Managed IT: A Complete Guide for Businesses
Want to Save Money with Co-Managed IT?
Co-managed IT not only helps keep your systems secure and up-to-date; it also gives you peace of mind. Having the ability to fill in the gaps and leverage skills and technology beyond your current capability can be very reassuring. However, in order to make it work, you will need to invest in your IT and collaborate with a reliable MSP.
At ITS, we've been helping hundreds of businesses, and their IT teams stay on top of their technology. If you want to learn more, check out our article on how much does Co-Managed IT cost?