| |OCTOBER 20238CIOReviewIN MY OPINIONIN MY OPINIONHOW TO EXTRACT VALUE FROM IT MANAGED SERVICESI n today's fast-paced business world, companies are relying more and more on information technology to gain a competitive edge. However, as technology evolves and becomes more complex, many businesses are turning to IT managed service providers (MSPs) to handle their technology needs. These providers offer a range of services, from managing IT infrastructure and software applications to providing cybersecurity and cloud computing solutions. MSPs can help businesses streamline their operations, reduce costs, and improve their overall performance. To extract value from an MSP, businesses must take a proactive approach and treat their MSP as a strategic partner. In this article, we will discuss how businesses can extract value from an IT managed service provider by including them as part of their leadership team, investing in innovation, sharing economic interests, focusing on measurable results, and supporting the MSP's revenue targets.Include the IT Managed Service Provider as Part of Your Leadership TeamThe first strategy for extracting value from an MSP is to treat them as an integral part of your organization. MSPs should not be seen as external vendors, but as strategic partners who are invested in your success. This means involving your MSP in strategic planning and decision-making processes. The MSP should have a seat at the table alongside other senior leaders in your organization.By involving your MSP in strategic planning, you can ensure that they have a deep understanding of your business objectives and goals. For example, they may be able to provide insight into emerging trends or technologies that can help your business stay ahead of the curve. Additionally, they may be able to identify areas where technology can be used to improve operational efficiency or reduce costs.Innovation InvestmentInvesting in innovation is another important way to extract value from an IT managed service provider. MSPs are typically at the forefront of technological innovation and can provide valuable insights into emerging technologies and trends. By working closely with your MSP, you can identify opportunities to leverage these technologies to improve your business processes, reduce cost, enhance customer experience, improve security or create new revenue streams.To encourage innovation, it is important to create an environment that fosters creativity and experimentation. This can involve providing your MSP access to business and IT resources to experiment with new technologies, as well as setting aside time By Christopher Cox, Sr. IT Director, Huntsman International LLCExtensive experience on both sides of the managed service value proposition. Christopher Cox spent 15+ years with IBM and Computer Science Corporation managing client relationships and managed services with a high level of customer satisfaction. The past 10 years have been as a Senior IT Director at a major chemical company leading transformation and transitioning the IT department to managed services.Christopher Cox
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