The Importance of Managed IT Services in the Finance and Accounting Industry
Today’s financial and accounting businesses are in uniquely demanding position when it comes to doing business. Between the economic and regulatory landscape, the pressure is on to find strategic ways of improving the way these businesses operate, manage data and secure their data. Outsourcing to managed IT services to the right strategic partner is key to achieving these goals and delivering significant rewards.
The Forces Driving Strategic Change in the Financial Sector
Every sector is under intense pressure to transform to a more global, accessible and unpredictable market – but none more so than businesses in the financial services sector. The pressure these businesses face include:
- Market and regulatory changes – Renewed and intensified regulatory action after the 2008 crash, structural market shifts and increased capital requirements.
- Technology – Pressure to innovate and adopt digital solutions, getting rid of legacy systems that are costly, behind the times and inefficient.
- Talent – It’s challenging to find and keep financial tech specialists with the deep technical knowledge to make running an internal IT department effective.
- Costs – The cost of implementing in-house IT solutions as well as the cost of risk and compliance teams needed to meet regulatory requirements.
Why Managed IT Services?
In the past, this sector has found outsourcing to be a competitive way to address challenges while keeping their core focus on goals that are of the most value to their clients and business. In the past, this includes aspects that are non-competitive differentiators such as payroll management and customer service call centres. Now, managed IT is seen as the next big area for outsourcing, specifically with regards to risk and compliance.
Benefits of Managed IT Services
There are several key benefits of outsourcing IT services in the financial services and accounting industry, including:
- Efficient use of time and resources – Freeing up time, skills and resources to focus on competitive, high-value goals that are core to the business.
- Valuable insight and best-in-class solutions – Businesses are able to easily access the talent and IT specialist knowledge needed to deliver the best-case solution for their business. This ensures best-in-class solutions over the long-term thanks to access to cutting-edge technologies and concepts.
- Reduced spending – Managed IT services offer a controlled, affordable approach to IT solutions, including a clear and predictable price structure, reduced exposure to financial risk, reduced third-party fees through established vendor relationships, and much more.
- Continuous improvement – We work tirelessly to upgrade and improve operational and business processes, offering continuous access to advisory expertise in order to solve your business challenges.
- Agility – Through flexible service models and the ability to scale instantly, managed IT services make it easy to respond rapidly in times of change.
Finding a Financial Services Managed IT Provider
Of course, it’s not only about choosing managed IT as a solution to current challenges, it’s about finding the right strategic partner to form a long-term relationship with. Cost is just one factor in this search, as it is even more essential to find a provider committed to long-term innovation, investing in the talent and solutions required by the industry, and with the experience, solutions and skill to manage these services at the highest levels of compliance and efficiency.
In addition, your chosen managed IT services provider should have strong relationships with key vendors who can meet the industry’s needs for enhanced governance and vendor management, meeting the required capabilities at all points of service, from selection through to delivery. Similarly, they should be able to provide a clear model for how the concerns of different stakeholders will be managed (including regulators, employees and investors) to ensure a smooth implementation of the solution and timely delivery of key goals.
Lastly, your partner will need a strategic plan for the transition period, ensuring that appropriate safeguards and oversights are in place at all times in order to manage risk, security and prevent costly downtime and interruptions of service.
Otto IT – Specialised IT Solutions for the Accounting and Financial Services Industry
At Otto IT, we specialise in a comprehensive range of managed IT solutions for the financial and accounting industry, from flexible financial software, secure data solutions and Cloud solutions to helping your office reach its goal for going paperless. Contact us today and find out how we can streamline your business, secure your data and ensure that your processes are compliant, efficient and flexible.