This video and article are a part a six-part series, “One Question with … Rehmann Advisors on Discovering Your Organization’s Great Advantage.” This series features a select group of Rehmann advisors who unpack six questions on timely issues, as well as reveals practical advice for today’s ever-evolving economic and business landscape. Learn more about this series and Rehmann’s solution offerings here.
In today’s climate, businesses and organizations are increasingly reliant on technology. From communication and collaboration, to efficiency and security, technology has become a key factor in attracting and retaining clients, making it essential for an organization to have a strong online presence and to effectively use technology as a business strategy.
We sat down with Adam Lewan from Rehmann’s Technology solutions team to discuss one question every organization should be addressing and considering: Why is it more important than ever to prioritize your organization’s technology?
His answer can be broken down into two critical areas:
- Risks associated with technology
- Considerations when looking for a third-party outsourcing partner
The risks associated with technology
Here are the top four technology risks that organizations face
Data loss and corruption. When an organization relies on technology to store, manage, and support important data, including customer information, financial data, and intellectual property, serious consequences can occur in the case of lost or corrupted data.
Cybersecurity threats. These threats are getting worse for small- to mid-size organizations, who are the most vulnerable due to limited resources and lack of sophistication when it comes to security measures. Hackers can steal sensitive information, disrupt operations, and damage an organization’s reputation.
System failures. Technology systems fail for a variety of reasons, including hardware and software malfunctions, power outages, and natural disasters. Such failures can disrupt an organization and lead to a loss in revenue.
Dependence on a single technology. Relying on one technology or system can make your organization vulnerable. If the system fails or becomes obsolete, an organization will experience issues, often called technical debt. This is when a system is no longer supported, and the vendor no longer responds to requests for upkeep and updates.
Ideal third-party outsourcing partners
When evaluating an IT vendor, look for these four things:
Expertise. Seek a vendor with a track record in the area where you need support.
Service level agreement. Make sure a- managed service provider (MSP) has clear and specific service level agreements in place, to include their commitment to response time and other metrics.
Ask for their NPS score. If they don’t know what this is, they may not be the vendor you want. NPS score is the score clients give MSPs relating to their service and their satisfaction across their firm. The industry average is in the 30s; anything over 50 is exceptional as far as MSP and IT vendors go.
Scalability. Make sure they can scale to meet needs as your business grows, especially for startups or any organization anticipating growth. You don’t want to outgrow your MSP and have to restart your search after a few months of growth.
Stay vigilant when it comes to technology and keep an open mind. Stay committed to keep learning, too, as technology changes every day. Also, lean on partners like Rehmann to help guide you along as new trends and changes take place.
