Let’s say you’re sold on the managed services model. You’re convinced it would benefit your firm to outsource your technology and perhaps some or all of your operations. You’ve thought it through from every angle: Staff turnover. Legacy system constraints on growth. The rapid pace of technology and the rising cost of keeping up. And of course, the classic case: getting out of the technology business so your firm can focus on investments and serving clients.
Now, how do you rally your peers to the cause, build consensus, and make the case to management?
In our new white paper, “The Business Case for Managed Services,” we eavesdrop on an email conversation at a hypothetical firm that is wrestling with these very issues. As the operations, compliance, investment, and finance teams weigh in, they address such questions as:
- Can we find good operations people in today’s tight job market?
- What will our work environment look like? How can we support remote work or a hybrid workplace?
- If we outsource, how can we be sure we aren’t giving up too much control of our workflows and data?
- What about security? Can a managed services provider keep our data safe?
- Would we be able to bounce back if a disaster took our servers down?
- Can our existing infrastructure support expansion into new products and markets?
- Will outsourcing put anyone’s job in jeopardy?
One thing we’re sure of: conversations like this are taking place at more and more investment management firms. During the pandemic, Advent Outsourcing Services fielded a notable increase in inquiries and onboarded many new managed services clients. Many firms have experienced key person risk and a talent crunch in the past few years. Firms are also confronting the permanent transformation of the workplace and looking for solutions that enable secure work from home. And after the pandemic, they may have serious questions about resiliency and business continuity. Meanwhile, as competitive pressure mounts, firms are looking to gain flexibility and scale to adapt to new opportunities and challenges.
The move to a managed services model is a big decision, and everyone has a stake in it. As our white paper illustrates, it’s good to get a variety of perspectives to be sure you have a solid case that will gain buy-in from the top down. If your firm is talking about outsourcing, check out our white paper – you’ll find the conversation both entertaining and relatable.