5 reasons your MSP should understand your industry

Managed services are a booming market; the global managed services market size was estimated at $280 billion in 2021, and is projected to surpass $757.10 billion by 2030.

But what do managed service providers (MSPs) really understand about their customers? If they do not have much experience with your industry, will they have the right equipment or expertise to handle the work? 

Should you be looking for a managed service partner who specialises in your business?

Industry-specific insights

An MSP’s industry-specific knowledge is invaluable when it comes to understanding your business and the challenges you face. An MSP that understands your industry can provide you with insights into the challenges you may be facing, which can help you identify solutions more quickly and come up with creative ways to overcome these challenges.

They will be able to impact key performance indicators such as sales cycles, close rates, and customer satisfaction. It will also give them insights into what tools and technologies are best suited for your business. 

For example, if you run a law firm, an MSP that specialises in the legal industry will likely have strong insight into the tools and technologies needed to support construction projects. This can save time and money by minimising mistakes that could otherwise delay a project or end up costing you more in the long run.

Familiarity with your business needs and workflows

When you work with someone who understands your business, they will be able to provide you with the right services, and suggest how you can improve your business operations through the use of certain technology or IT strategies.

No matter how skilled and experienced the technicians are, if they’re unfamiliar with your business and don’t understand your needs, it can lead to unforeseen issues that could lead to issues with your IT infrastructure, miscommunication with your staff and clients, or costly downtime.

Spot tech trends and threats

The best MSPs know what to look out for in their industry, and are able to spot emerging trends early on. By doing so, they’re able to develop products that meet the needs of their customers’ changing requirements.

If your MSP understands your industry and the threats and trends within it, it will be able to quickly spot and react to new opportunities. It will be able to anticipate and prepare for potential challenges, which is invaluable to you as a customer. You need to know when to add resources, change your offerings, or deal with a sudden rise in customer challenges. 

In a similar way, they will also be able to spot relevant cyber threats that you might otherwise miss. By going to an MSP that understands your business operations, you can be sure they know what types of cyber threats exist, are prepared to help you protect your network, and will build a custom solution that takes into account all of your business’s potential risks and vulnerabilities. This will help them spot cyber threats sooner, and help you avoid costly breaches or downtime.

Gain visibility and control

When you work with an MSP, you can expect a certain level of visibility and control. This is particularly important in industries where you may have limited transparency or control. 

They can provide detailed information on how each piece of equipment is used, enabling them to prevent potential mistakes or unexpected damage, or offer recommendations based on their knowledge of your business practices and processes. 

In addition to providing transparency, MSPs can also reduce costs by optimising resources across multiple accounts and reducing downtime. This ultimately results in a more efficient IT environment that saves time and money while improving data security and performance.

Develop appropriate strategies 

An understanding of your business and industry will allow your MSP to develop strategies that are customised to your unique challenges. It will also allow it to anticipate challenges, threats, and opportunities. For instance, they can predict which hardware and software technologies will have a positive impact on your business in the coming years, saving you money in the long run.

This will allow your MSP to provide you with more comprehensive value, more accurately price your services, and help you avoid costly mistakes by steering you away from strategies that won’t work for your industry. In addition, they can help you understand the latest developments in technology to help you stay on top of changing trends and keep your organisation competitive.

Find the right solutions for your business

A key way for MSPs to help their clients is to understand their industry. This helps them know how to provide value-added services that are tailored to the client’s needs, strategies, and cyber threats they may face. And for you to succeed and remain secure in the business world, you need a managed service provider who understands your industry and the unique challenges of your business.

The IT experts at Essential Tech specialise in providing managed services to businesses in legal, financial, manufacturing, and other industries. Talk to them today and discover how they can optimise your IT environment.