Gone are the days of pencil and ledger, compliance and data security concerns now flow to the top of your list.

But you are not alone.

A few days ago, we got a phone call here at KalioTek™ from an Interim CFO of a financial consulting firm.

Why did he call us?

He was concerned about three things:

  • Cybersecurity
  • IT Infrastructure Stability
  • IT Compliance – SOX, FINRA, Industry Standards

For a business in another industry, these things might not be the immediate concerns addressed by an incoming CFO, but as he explained to us, “lack of attention in this area of the business (IT management) is impairing our priorities.”

When he explained it that way, we understood exactly what he was talking about.

We’d seen this same scenario play out in other financial services clients as well as other industries.

What happens?

Basically, IT maintenance and technology issues distract employees to the point that they are not able to give their best to the pro-growth goals of the business. However, the compliance requirements in financial consulting ratchet up the pressure when IT systems are not properly configured, aligned with their purpose, and maintained.

Unfortunately, many times, company leadership does not “clue in” to the fact that their lack of IT support is costing them, until it has cost them a lot of time, energy, and lost productivity. It’s just not on their radar – until it’s almost too late.

What Did the CFO Want from Our IT Management Service?

The simple answer to this question would be that he wanted computers that worked while being both compliant and secure.

And that was definitely a part of the equation…but, not the biggest part.

Our new financial services client was looking at a bigger picture.

He wanted holistic, ongoing IT support because it would help him with financial modeling and budgeting.

How Does Managed IT Support Help You Budget?

A lot of financial consulting firms still rely on the old break/fix model. In this scenario, they wait for something to go wrong. Then, they suffer the slowdown or downtime while they wait for a technician to come and wait for him to fix the problem.

What do they get for all their patient waiting?

They get their computer issue resolved, and they receive a bill in the mail for hours plus materials.

What don’t they get?

  • Ongoing IT Support
  • Executive-Level Technology Consulting
  • Cybersecurity Monitoring
  • An Entire IT Team at Their Disposal

We could go on…but you get the picture.

The break/fix IT contractor is there to do two things: fix the problem and rack up the hours and materials for the invoice.

Managed IT Services makes more sense in terms of budgeting.

In a Managed IT Services scenario, an IT support company provides all the technology implantation, configuration, management, maintenance, and operational/security monitoring that your firm needs in return for a stable monthly payment.

This IT support delivery format ensures that your data and systems are proactively maintained – instead of waiting for a catastrophic breakdown.

In addition to the proactive aspect of Managed IT Services, the model provides billing, budgeting, AND support consistency.

How Do IT Management Services Enable You to Model and Scale?

  • Cost Modeling: IT consultants will provide you with the information you need to know how technology expenses will impact reorganization, restructuring, mergers, cutbacks, facility changes, and projected growth.
  • Pricing Models: Every piece of technology – physical or virtual – has a price tag that must be calculated into your service pricing model. An IT consultant can help you determine those numbers and forecast near-future IT expenses.
  • Modeling Service Line Profitability: This is closely related to pricing models. Determining the technology cost factor for each line of services enables you to be more accurate in your forecasts and models.
  • Employee IT Use Modeling: An IT consultant that keeps his eye on business technology trends will be able to help you determine whether your technology cost per employee (or job description) will go up, down, or stay about the same over a given period.

The numbers derived from these lower-level models will give detail to your organizational modeling and will provide answers for questions that before were left to chance. With this data in hand, your financial services organization will be better equipped to make decisions relating to growth.

How Does Proper IT Management Impact Data and Operations?

Financial services companies have always had a close relationship with data and data security. Data forms the foundation of the individual financial services that you deliver as well as serving as the backbone of the analytics and advice you give to your clients.

By entering into a Managed IT Services agreement with an IT support company, you gain the following:

  • Assured and Verified Data Backup and Recovery
  • Business Continuity Strategy and Capability
  • IT Compliance Consulting and Management
  • Mobile Use of Data in a Secured Environment
  • Role-Based Data Access Controls
  • Secure Data Collaboration Functions

Want to learn more about what technology and IT support can do for you? Look at these articles we’ve chosen for you!

Compliance & Regulatory Consulting

Financial Organizations FINRA Compliance (Challenges/Solutions)

Managed IT Services – What Is IT?

Published On: 2nd August 2018 By: Mark Richards
KalioTek™ > Technology Articles > Interim CFO Chooses KalioTek™ For Managed IT Services