IT outsourcing: Choosing the right strategy for your institution
FINANCIAL INSTITUTIONS INSIGHTS |
As information technology (IT) needs increase, a growing number of institutions are implementing outsourcing strategies with varying benefits and levels of support. Outsourcing done right is generally a cost-effective approach to maximize your IT investments, expanding your resources and allowing you to focus on the core business. However, with several options and providers, you must carefully review outsourcing opportunities to determine which align best with your goals and your strategic plan.
Technology advances rapidly, and maintaining necessary knowledge and resources in-house is difficult. Costs can spiral out of control, resulting in outdated systems, improper resource allocation and increased risk exposure. To keep pace with IT innovations and increase efficiency and effectiveness, institutions often consider implementing outsourcing strategies, including:
IT outsourcing: IT outsourcing involves farming some or all of your IT functions out to a third-party provider and can be designed to fit the technology needs of any institution.
Managed services: Managed services is the most definable form of outsourcing, with specific, detailed costs and expectations, as well as inherent flexibility.
Staff augmentation: Staff augmentation provides the ultimate level of flexibility, filling a specific skill set in times of need, such as extended staff absences or increased seasonal demand.
To learn more about these three strategies, as well as smaller and less committed arrangements, read our white paper, Three essential IT outsourcing methods every business should know. The right outsourcing solution can strengthen your IT platform and encourage growth by improving your customer service, security and agility to adjust to market risks and opportunities.