Reasons professional services firms need MSPs
Technology is changing the professional services landscape. It is presenting professional services firms (PSFs) new challenges as well as new opportunities. To keep up with the rapidly evolving technology, PSFs are turning to managed IT services providers (MSPs) to take care of their IT needs.
Here are some reasons why PSFs need MSPs:
Many PSFs make money by the amount of “face time” they have with their clients and by the number of hours they spend working on a client’s project. Their profitability is measured by the hour. Given this, it is very important that they work efficiently to maximize their time.
MSPs can provide PSFs with solutions that streamline their operations, optimize hardware and software performance, automate their repetitive or tedious tasks such as billing, distill actionable insights from large volumes of data, and many more.
Data backup and disaster recovery (BDR)
PSFs sell knowledge and expertise. And to give the best recommendations to their clients, they are highly reliant on their client’s data. They cannot operate if their data is lost. Can you imagine a doctor’s office that lost all of their medical records because of a computer failure? They might not be able to provide proper medical advice if they are running blind on their patient’s medical history. An accounting firm would also lose a lot of money and clientele if they lose sensitive financial information. That’s why BDR is crucial for any PSF.
Your firm might try to cope with these challenges on their own, but those who leverage the expertise and experience of MSPs tend to get back on their feet the quickest and grab the opportunities that come with being prepared.
Building a high level of trust is necessary for a PSF to be successful, that’s why it’s so important for them to secure customer data. Unfortunately, cybercriminals love targeting PSFs because of the wide range of valuable and sensitive information they possess. Examples include client banking information, key intellectual property, healthcare records, corporate documents, and government secrets. If any of this data is leaked or breached, both the firm and the client would suffer devastating financial and reputational damage.
Firms have to make sure that they have the proper safeguards in place to protect the company and their clients. Hiring an MSP can guarantee cybersecurity. They work round-the-clock and use state-of-the-art technologies to constantly monitor your ingoing and outgoing traffic. They also use IT security best practices to encrypt your data, protect and audit data access, create strong passwords, and more.
There are many US government-imposed regulations that affect professional services firms. Doctors, for example, deal with healthcare data that is heavily regulated under the Health Insurance Portability and Accountability Act (HIPAA). Public accountants are subject to the Sarbanes-Oxley Act (SOX), while financial advisors are included in the scope of the Gramm-Leach-Bliley Act (GLBA).
Understanding regulatory compliance can be quite tricky, especially since regulations keep getting stricter. Partnering with an MSP ensures that your technology investments and practices always meet your industry’s compliance requirements. MSPs conduct technology assessments and security gap analyses and provide industry-specific solutions. They also test and audit your systems regularly. Working side by side with your MSP will greatly reduce the possibility of compliance fines and penalties.
Red Key Solutions specializes in supporting the unique technology needs of the professional services industry. Let us manage your IT, so you can focus on helping your clients. Contact us today.