What are the steps to choosing the most appropriate managed services company (MSP)? What are the best ways to decide which managed services you need to reach your goals for the business?
In this post, we’ve discussed some of the most widely-used managed services which fund managers use and have provided practical tips to assist you in the MSP assessment process.
Define Your Priorities
Before choosing the IT partner, Registered financial advisors (RIAs) must establish their objectives first and then start the vetting process.
If you want to increase efficiency and concentrate on strategic planning by outsourcing IT management duties, gain more transparency in the security of your system and ensure that your company adheres to compliance standards or different goals, let these goals guide your decisions.
Let’s take a look at some managed IT services and their benefits to help you figure out if the tools are in line with your objectives.
Does your current IT team constantly reactive, trying to solve a constant flow of technical queries? The continuous flow of requests can take up time and resources.
To increase your levels of efficiency, Fully-managed IT assistance for your end-users and your IT infrastructure will allow you to focus on your business tasks and strategic projects that boost revenue.
Think about evaluating the possibility of using an MSP that provides support 24/7/365 and allows users to connect directly with certified engineers on various technologies. IT support may also offer greater visibility into the entire service process, usually employing a ticketing system to monitor the status of the cases. As time passes, dedicated help desks can reduce the number of tickets they receive by discovering common complaints and using recommended strategies to prevent similar tickets that are not resolved shortly.
Scalable Resourcing & SMEs
To expand the support scope, your investment firm may need extra subject matter experts (SMEs) that can be added to your IT staff to address upcoming issues or emerging problems.
With Scalable Resourcing, SMEs skilled in a range of fields can help with networking, storage, systems virtualization, security, and storage. Experts will evaluate your technology requirements and develop a strategy to meet those specific requirements by employing cutting-edge technology and assisting with technical issues. Because the registered advisors to investment are exposed to cyber-sweeps and other regulations, partnering with an IT company with expertise in your field of specialization in your industry is highly advised.
In evaluating providers, think about the following:
- Partnerships with other technology companies
- Have they had similar experiences with organizations in size, scope, and industry?
- What are their experiences with current and historic regulations regarding the work of investment advisors?
- Does the MSP connect you with an existing customer reference or provide testimonials?
- Have you seen the company receive industry accolades for promoting IT services?
- What technical certificates do their engineers have?
A reputable MSP can be proven to have excellent service for a long time of experience and has a meager churn rate for customers. There is usually a list of services available on the company’s website. However, solicitations to submit proposals (RFPs) offer more precise details on the technology, solutions, and systems.
Reliable and Effective IT Operations
Efficiency in IT Operations is one of the primary reasons that both established and startup hedge funds require managed IT services.
Modern technology and innovative procedures that provide 24/7 coverage, availability of services as well as incident management and the remediation process, data protection, Real-time device, and application maintenance, as well as monitoring of the health and effectiveness of your system are one of the many benefits of IT Operations offers. IT Operations offers.
Contrary to commonly believed, the solutions don’t substitute your internal IT team but rather complement your team’s capabilities to increase their capacity. The benefits of these services are an increase in uptime, increased efficiency, greater agility, and protected information for fund managers.
It is essential to determine whether the MSP employs an active or reactive support model. Reactive support is referred to as break-fix. When an issue arises, they resolve the issue in real-time. However, proactive support is constant monitoring of your system. It offers support at all day hours to identify and fix issues before they impact the operation or create disruption. The ideal solution is a holistic approach and could combine both models to provide the best coverage.
Moving operations to the cloud give customers a host of benefits such as lower costs, improved agility, collaboration, efficiency, and improved processes. Family offices planning to transform into an RIA and established investment advisors registered with the RIA generally look at cloud-based options and platforms specifically designed to address regulatory issues and compliance requirements.
MSPs provide various managed cloud solutions, such as hybrid cloud, private cloud, and the public cloud model of business. The public cloud is flexible and provides advanced cloud computing capabilities. This is why it is a perfect location for managing funds. Businesses can also run artificial intelligence-related workloads and complex algorithmic calculations without the massive computing power these types of workloads demand.
Cloud providers who create solutions based on enterprise platforms, like Microsoft Azure, can use built-in cybersecurity risk management functions to limit your company’s risk exposure and better safeguard critical business information.
Business Continuity and Security
Do you have the money to pay for an MSP that doesn’t employ business continuity plans for the eventuality of catastrophe or pandemic? Disaster recovery plans ensure off-site redundancy to prevent data loss in the event of an incident or significant disruption. It should also include the schedule for backup and restoration to ensure that data is not lost, and tests should be carried out frequently.
You should ask the provider if they’re backing up the data centers they have or using the colocation services of another provider. If the answer is the latter, you might have to conduct more due diligence concerning the third-party provider of your MSP. Furthermore, it would help if you had proper post-disaster recovery strategies implemented so that it is certain how your company can proceed to address any fallout of a disaster.
In the context of business continuity and cybersecurity, it’s essential to review the MSP’s cybersecurity compliance and risk management solutions, managed threats, and end-user security awareness training to determine whether they are in line with the requirements of business and regulations.
A variety of factors will determine how you choose the best IT service management approach and the right service provider for your business. However, establishing your goals and considering what IT services you require is an excellent place to start and help make the process easier.