Technology & Managed IT Stats That Your Business Needs to See

Some businesses love the idea of outsourcing their IT services to a technology partner, aka Managed Service Provider. Others only outsource pieces of it and manage the bulk of it internally.  

 

Whatever your philosophy, facts, and figures can help inform you, so you make the best decisions with your business technology. Because making the wrong choice could cost you money, time, and even your business if you made a choice based on bad data.

Let’s explore some stats around Managed IT Services that will help you in your decision-making and open your eyes to the truth about your technology. 

Server issues are expensive.

More than 140,000 hard drives experience data loss in the United States, each week. A simple, out-of-pocket drive recovery can cost tens of thousands of dollars, plus the hourly cost of having an IT provider install or migrate data to a cloud environment. 

Disaster planning is money well spent.

Only 54% of US businesses with over 500 staff have a comprehensive disaster recovery plan in place. It’s important to test that plan regularly, but that same study showed that only 50% of respondents were testing annually at most, and 7% don’t test at all. Even worse the respondents said their current plan proved insufficient with only 12% admitting the test revealed significant downtime in the event of a disaster. For businesses with an annual revenue of between $2M and $10M, the cost of one hour of downtime, for the entire company, typically ranges between $301,000 and $400,000.  

Cyber threats + cloud security.

304.7 million ransomware attacks happened in the first half of 2022. This is a 151% increase from the previous year with cybercriminals still preying on remote workforces around the United States. With a growing number of businesses using sensitive data in the cloud, it’s as important as ever to keep that data secure. 94% of all businesses use cloud services with the cloud typically being a safer option than most on-premises solutions, yet vulnerabilities still exist because people will always make mistakes. 88% of the time a breach occurs with data stored in the cloud, it’s the result of human error. 

Managed IT grows in popularity because of better performance & cost savings. 

In a study from 451 Research, it was discovered that out of the large businesses surveyed, 45% plan to partner with a managed security services provider, and 42% plan on deploying additional security software to protect data and applications. As a result, the industry itself is shifting with 59% of IT services transitioning from the traditional break-fix model to a managed service contract model. According to one survey by CompTIA, 50% of companies who engaged an MSP saved 24% in annual IT costs, 33% saved 25-49%, and 13% reported savings of more than 50%. 

Ready to start elevating your businesses technology and protect your business data? Contact us for a free consultation. Call (865) 524-1124 or contact us online.

We’re ready to help you work smarter.