The CFO’s Perspective: Is Internal IT The Right Investment In A Post-COVID-19 World?

The COVID-19 pandemic may not be over yet, but as a part of the business’ leadership, CFOs need to start planning now, especially where it concerns your investment in IT support.

Now that we’re more than a month into the COVID-19 pandemic, your business has likely firmed up its remote work processes and settled into a “new normal.” However, while we don’t know when the pandemic will end, it will undoubtedly conclude at some point – do you know how your business will proceed then?

You don’t necessarily have to return to the way it was before – in fact, according to 317 CFOs recently surveyed by Gartner, the business world may not change back when the pandemic is over:

  • 74% of CFOs say they expect to move previously on-site employees remote post-COVID-19
  • 81% of CFOs plan to exceed their contractual obligations to hourly workers and to fund that they are using remote work to offer flexible schedules and maintain operations.
  • 90% of CFOs said their accounting close operations would be able to run effectively without disruptions offsite.
  • 20% of CFOs said they are cutting their on-premise technology spending with 12% planning the same move.
  • 13% of CFOs have already cut real estate expenses with another 9% planning cuts in the months to come.

Do You Have The Right IT Support For A Remote Work Model?

If you plan to continue with remote work, or even just maintain your remote work capabilities, then you need to consider your model of IT support. Your ability to work remotely depends directly on the effectivity of your IT support, as it allows you to:

  • Access files, applications, and systems from a remote setting
  • Collaborate with colleagues, partners, and customers via video conferencing solutions
  • Stay secure against the increased rate of phishing attacks related to the pandemic.
  • Maintain communications with cloud-based phone systems that keep staff connected

The point is that IT support is essential, both during the pandemic. Afterward, when you need to maintain your remote work capabilities as a form of business continuity, just in case there’s a second wave of the pandemic.

Are you sure internal IT support is the best way to manage it?

Is Internal IT Support The Best Use Of Your Budget?

There are several costs involved with managing an internal IT staff:

  • Employee Expenses: An in-house IT team can cost a lot to manage and maintain. To be effective, IT service and support requires up-to-date skills and expertise. There are additional expenses on top of the salary to consider. For example, holidays, and the coverage while your network administrator is away. When you consider all of this, just one network administrator can cost you even more than a standard salary.
  • Ongoing Training and Certifications: With cybercrime and other threats to your business, you must ensure your IT staff is trained on the latest cybersecurity tactics. Also, software, hardware, and cloud solutions are constantly evolving.  To provide the most cost-effective IT solutions, your IT personnel should attend vendor training and stay up on certifications that expire. These training and certification expenses can mount up and may involve travel expenses as well.

This is why outsourced IT services are the better choice…

Why Are Outsourced IT Services A Wiser Investment?

  • Outsourced IT Services Reduce IT Costs: Reducing IT costs is one of the most appealing reasons businesses use outsourced IT services. Companies that choose to outsource can convert unplanned IT expenses to fixed, predictable ones. This frees up capital for other aspects of their business.  Plus, it saves on hiring (and firing) in-house staff, paying benefits such as sick leave, health insurance, and Social Security. Also, your outsourced IT services will be available 24/7, where the in-house team may take off due to personal issues or illness.
  • Outsourced IT Services Provide Confident Security: Cybersecurity is one of the most critical aspects of technology. While technology evolves and data expands, the number of ways your IT network can be compromised increases. For example, cloud services are widely used today. However, to ensure the security of an offsite server, it must be continuously monitored and assessed.  Your outsourced IT services company should deliver security services, advise you on the credentials of vendors, and conduct ongoing risk assessments to identify network vulnerabilities.
  • Outsourced IT Services Give You Access To Modern Technologies: Many businesses find it challenging to keep up with the latest advances in technology. Outsourcing IT services provides easy access to the newest technology so you can be more competitive in this technology-driven world. Besides, with outsourced IT services, these solutions are less expensive than you if you purchased them yourself. Most IT companies have partnerships with vendors and can provide new technologies at a reduced cost.
  • Outsourced IT Services Provide Scalability and Adaptability: As your business grows, your IT needs to grow as well. Keep in mind that new service offerings often come with significant upgrades or new software programs. Your outsourced IT services can provide the flexibility you need to change your products/services or add new ones when required.

With outsourced IT services, you’ll have access to a team of IT experts with a breadth and depth of tech knowledge and experience — something most businesses could never afford with an in-house IT staff.

James Forbis
Written by James Forbis
Posted on: May 18, 2020