What Does MSP Stand for, and What Does an MSP Do?

MSP stands for Managed Service Provider.

With that out of the way, the next question is,

What Does an MSP Do?

We'll answer that question in a second. 

But, before then, here are quick MSP stats we thought you should know;

  • The global managed services market will hit a staggering $200 billion in size by 2025.
  • The revenue generated by MSP businesses will grow to more than $300 billion in the next few years.

Yes, MSP is growing and in the process of redefining how organizations do business.

So, what exactly is the Work of an MSP?

The short answer is that Managed Service Providers shoulder the responsibility of ensuring that your IT systems run efficiently, are safe, and up-to-date

On top of that, they solve technical glitches that may arise from time to time. That way, you can focus on other areas to spur your business's growth.

The long answer is, MSPs take care of your essential IT services such as customer care desk, email, networking, cybersecurity, backup, cloud integration, and patching to mention but a few.

An MSP will also manage, update and monitor these services and give a detailed summary of their performance and quality

Further, MSPs can recommend software and hardware for your business and keep track of reports and licenses.

What IT Systems Can you Outsource?

While MSPs can handle a wide range of IT infrastructure, the most commonly outsourced systems include;

  • Network security
  • Network maintenance and implementation
  • System and files backups
  • Troubleshooting support

Moving on;

5 Benefits of an MSP to your Business

Working with top managed services providers can add significant value to your business. Here's what it means to let an MSP handle your IT infrastructure and systems.

#1. Enhanced Security

There's no serious business, large or small, that shouldn't worry about cybercrimes.

Look at the following cybersecurity stats.

  • 64 percent of companies say they've been victims of web-based attacks.
  • 59 percent of organizations report botnets and malicious code.
  • 51 percent of businesses have had their business operations hijacked by hackers.
  • Businesses globally will spend an estimated $6 trillion on cybersecurity in 2021.
  • Human error causes 95 percent of cybersecurity breaches.

With such figures, you cannot turn a blind eye to the threat that is cybersecurity.

Hiring an MSP will ensure around the clock monitoring of your systems and swift detection of any threat.

Besides, a good MSP will ensure that your software remains up-to-date and deploy antivirus to safeguard your business against malware and viruses.

What happens when you experience fewer attacks and infections?

Well, your business can run smoothly with less downtime. The ripple effect is that customers can trust your more and peace of mind for you.

#2. Access to IT Professionals as and When You Need Them

According to Glassdoor, it costs about $85,000 annually to hire a full-time IT manager.

And, if you're looking for specialized skills such as security, you're likely to part with more than $150,000 per year.

Now, that's a lot of money, especially if you're a startup or a midsized business on a tight budget.

Even so, you don't have to compromise the efficiency of your IT systems, not with an MSP by your side.

You see, one of the benefits of IT outsourcing is that you have access to professional IT staff that you'd otherwise employ on a full-time basis.

And the beauty of it is that MSPs provide a wide range of expertise in various technologies and vendors. 

Plus, a reputable Managed Service Provider will continually train its staff on new technologies to make sure they're up-to-date with what is happening in and around your industry.

MSPs offer support hours depending on your Service Level Management (SLA), which can be 24/7, a feat you can only accomplish in-house by hiring two or more people to work in shifts.

Simply put; working with an MSP allows you to benefit from having experts on-demand with bending your budget.

#3.  Business Can Adopt the Latest Technology Faster

According to the Harvard Business Review, businesses with a competitive advantage are longer perfecting just one thing. Instead, organizations staying ahead of the curve these days are those that innovate and implement new technology.

Rolling out new technology is, at times, easier said than done.

Some of the challenges include steep learning curves, an expensive on-site framework, and complicated migration processes.

You don't have to go through the hustle, though.

If you want to adopt new technology and don't know where to start, you can hire an MSP to research and analyze the existing providers, software, and hardware. The MSP will then recommend the best solution for your business model.

The point is, Managed Service Providers can cut technology implementation challenges by providing experienced experts for migration, managing your license agreements, and, most importantly, training your staff on how to leverage the technology.

#4. Backups and Data Recovery

According to the National Archives and Record Administration, 93 percent of organizations lost their data for ten days or more applied for bankruptcy within 12 months of the disaster. Fifty percent filed for bankruptcy straightaway.

And, this year, hackers will access 40 percent of SMBs that manage their IT resources in-house and use the internet for more than emails. Even more shocking, more than 50 percent of this business will not be aware of the attack!

MSPs can offer you the peace of mind you need to sleep easy at night through the backup, restoration, and disaster recovery services.

The idea is to save you the stress of adopting a disaster recovery strategy and, by extension, stay on top of any threats. And, in case of an attack, an MSP will help your business get back on its feet as quickly as possible.

#5. You Can Reallocate Your IT Resources

Hiring an MSP can help free up your dedicated IT resources.

Look at it this way; dealing with an MSP that you can count on allows you to reallocate your IT and other resources such as staff to handle other areas that can spur business growth.

Besides, the MSP will advise you on how to use your IT resources best to achieve your company's goals. And, because the provider brings an insignificant amount of experience, you can be sure they'll guide you to make the most out of the resources without blowing your budget.

How to Choose the Best MSP for Your Business Model

When outsourcing your IT systems, you want to find the best Managed Service Providers. You want to be sure that you're dealing with an MSP that can provide value for your money.

So, before you spend your money, ask yourself;

Can the MSP Adapt as My Business Evolves?

 Any outsourced IT service provider should grow with your business.

For instance, as your company scales, you may need to offer better customer service, which means you must have additional resources to handle your customer's calls.

The point is, when choosing an MSP, be sure to evaluate the provider's flexibility and ability to provide adequate support for your growing business.

How Well Does the MSP Understand your Industry?

The thing is, you cannot work with any Managed Service Provider you bump into.

One of the most important things to consider when choosing an MSP is the level of knowledge about your industry. Put differently; you're better off with a provider that understands what your clients expect and how your business delivers it to them.

Your MSP's understanding of your industry directly impacts how well they support your company and, by extension, how happy your customers are.

Is the MSP Available Around the Clock?

Ideally, top Managed Service Providers should offer support 24/7. Your business doesn't sleep, and neither should your MSP.

Choose a provider who can guarantee day and night availability, including weekends and public holidays. That way, you can be sure there's some monitoring your business and can deal with any arising problem.

How Impressive is the MSP's Reputation?

Track record is everything when shopping for a Managed Service Provider.

It is, therefore, essential to find out what some current and previous customers think about the service you're about to hire before putting pen to paper.

You can read independent reviews to have an idea of what to expect. Of course, a top MSP will have rave reviews and positive feedback from happy clients.

Pro TipYou can search for "Managed Service Provider near me" to find highly rated MSPs within your area.

Can the MSP Provide On-Premise Support?

While a Managed Service Provider can provide everything your business in the cloud, you might require some on-site presence.

So, before hiring an MSP, it's always a good idea to check if they offer on-premise support. Also, negotiate the support coverage for the site visit.

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