3 Ways Your MSP Can Help You Forecast Next Year’s IT Costs

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Managed Service Providers (or MSPs) don’t always get a seat at the boardroom table when their clients are putting together forecasts on a quarterly or yearly basis. Many providers are looked at as “fixers” – and not necessarily as useful, strategic planners who can help drive the same conversation.

Here are 3 practical ways your MSP can help you forecast next year’s IT costs – and why they should.

The Cost of IT

The IT department and its allocated budget have become one of the most important things to almost all companies who are hooked up to the internet. Statistics guess that a company hack happens at least every 2 to 3 seconds – and companies with personal or client information to steal are even more at risk than this.

It means that companies have to increase their IT budgets and prepare for the worst.

If you are one of the few companies without an IT budget, prepare to spend more than your past projections on cybersecurity, protective measures and anti-hacking.

Almost all companies must prepare for higher projected risk of hacks in coming years.

That’s where a company’s MSP comes in handy – and where they might have been secondary to the conversation before now, it’s time to rely more on the information that MSPs can provide.

Let’s face it: most companies aren’t cybersecurity experts. Without some help from your MSP in your budget, your potential projections are guesswork.

1. Preparing for Security Threats

In the nineties, the worst thing a company could face was a destructive worm or disabling virus that puts their entire corporation’s computers at risk. Today there are many more security threats out there than just worms and malware: there’s ransomware, and it could cost companies thousands in recovery if they are hit.

An MSP can help you to prepare for security threats, as they are generally more informed about the current state of the online environment than most of the board.

Don’t know how to prepare for the unseen threat of hackers and ransomware?

A well-informed MSP can point your company’s board in the right direction.

2. Identifying New Trends

Cybersecurity trends change almost every hour, from new threats that could hit companies through to new patches for operating systems that might present a fix – or the company’s biggest risk.

A company can’t identify new cybersecurity threats on their own. But, unfortunately, for most companies and their board, this is an impossible task – and most people on the average board are trained in PR and finance, not hacking and recovery!

An MSP can help companies to identify any new trends, whether it involves hardwaresoftware or a new, costly system update.

3. Highlighting Existing Problems

There’s no such thing as a perfect company. Even large-scale ones like Coca-Cola are at risk, and they are in the business of constant risk and problem assessment – this way, customers will never notice!

An MSP can help you highlight existing problems in the company, especially those of a data-related or cybersecurity nature.