Managed Service Providers (MSPs) play a pivotal role in enabling and supporting small and midsize businesses (SMBs) to grow. Despite the impact of the coronavirus pandemic, there is no lack of opportunities for MSPs to improve revenue and scale their businesses. The MSP industry is thriving as enterprises continue to invest in areas such as Disaster Recovery-as-a-Service (DRaaS), cybersecurity awareness, Security-as-a-Service (SECaaS), consulting services and automation.
According to Gartner, Inc., information security spending is expected to grow 2.4 percent to reach $123.8 billion in 2020.
Based on a 2020 Global Benchmark Survey conducted by IT Glue, Disaster Recovery-as-a-Service was ranked no. 1 among the best revenue-generating opportunities, followed by cybersecurity awareness and Security-as-a-Service (SECaaS). In fact, some of your MSP peers are making the most of these opportunities to maximize profit.
Disaster Recovery-as-a-Service (DRaaS)
Resiliency is the keyword in this competitive business environment where downtime is unacceptable. Disaster often strikes when you least expect it and can come in various forms such as ransomware attacks, hardware/software failures, human error, etc. A few hours of downtime can have a devastating impact on your business. MSPs offering Disaster Recovery-as-a-Service can help their clients stay resilient and prepared for unplanned downtime so that critical business operations remain uninterrupted.
Cybersecurity risks aren’t going away. Organizations need to realize that cybersecurity is not only the responsibility of the IT department but every employee within the organization. The best way to mitigate risks is to educate and empower employees about threats, their impact on business and the steps to be followed to prevent such attacks from occurring. For MSPs, cybersecurity training not only serves as a revenue opportunity but also highlights the value they bring to their customers.
The business environment is transitioning into a security-first culture as organizations prioritize data security above everything else. For small and midsize businesses (SMBs), Security-as-a-Service (SECaaS) is an attractive service model since it offers multiple benefits such as reducing upfront hardware costs, simplifying security management and eliminating the need to hire (expensive) security experts.
As reliance on digital technology continues to grow, enterprises are looking for MSPs that not only provide specialized IT services but also offer expert advice. MSPs that deliver high-quality services along with valuable advice, such as how to improve IT systems or leverage IT to maximize productivity, gain a competitive advantage over their competitors. It also provides a new opportunity for MSPs to add consultation as a service to their portfolio to improve margins.
Businesses are looking for solutions that improve efficiency and increase productivity. Automating mundane tasks help organizations save time, money and resources. MSPs with products or services that allow automated disaster recovery testing or threat detection help keep their clients’ businesses secured while allowing them ample time to focus on critical tasks such as achieving sales targets.
Get Back to Growth
There has been a dramatic shift in business priorities due to the COVID-19 pandemic. This includes securing critical data and remote workers from security threats. While most organizations find security a challenge, your peers are leveraging new opportunities to generate revenue and propel business growth. You too can tap into these revenue-generating opportunities to maximize profits by successfully selling an enterprise-class solution to your clients with Unitrends MSP.
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