To survive and thrive in today’s competitive world, small and midsize companies need their IT systems to be reliable, secure, efficient, and effectively designed to align with their business goals. However, it is often cost-prohibitive for small and midsized businesses to build and maintain an IT system in-house that checks all the boxes they need.
Given the complexity of IT and the crucial role it plays in every aspect of a business’s operations, companies outsource IT more than any other service. In 2023, spending on IT outsourcing is projected to reach $519 billion globally, a 22% increase from 2019 and 71% of the total outsourcing expenditure pie of $731 billion, according to Deloitte. Nearly two-thirds of organizations (63%) cited cost-cutting as an important benefit of outsourcing their IT in the Deloitte report. Here are a few ways that partnering with a managed IT service provider (MSP) can help your company cut costs.