MSP or managed service provider is a remote company that operates and manages a client’s infrastructure as well as the end-user level services. An MSP is mainly a subscription that offers specific services, like for example hosting, data backup, or a password management system.
This provider is usually housed in the cloud and its services are delivered over the internet.
During the 1990s, MSP was grandfathered by its predecessor the ASP, or application service providers. It came as an offering that hosts remote application services. It was before the advent of cloud computing services. As MSP came to the fore, it started out as services that do remote monitoring and management of networks and servers.
Fast forward to today, MSP has become a specialized help for several industries namely, financial, legal, and even the healthcare sector. It also now plays a big role in the security industry. It is now being pre-packaged along with password management systems.
Two examples of the many security applications bundled with MSPs are MSSP or Managed Security Services Providers and Remote Firewall Administration. This proves that MSP is still in effect, evolving in terms of scope in services.
How effective is MSP in Hosting the Password Management Systems Industry?
Table of Contents
What is Smart Sourcing?
The renaming and resurgence of outsourcing during these economic times
According to NTT Ltd. 2020 Global Managed Services Report, outsourcing after fading away for the past few years is staging a comeback sporting a new name called smart sourcing. The report describes how smart sourcing could play a critical role in helping organizations on how to keep themselves on top of disruption. In this COVID-19 world, security was and still is the main factor that drives the value of the services that smart sourced MSPs bring to the table.
This security is much needed as companies and organizations work to navigate and reimagine strategies to steer and regroup a fragmented workforce. Smart sourcing MSPs is a chance for this type of service to reassert its true value in the marketplace.
The need for MSP’s in the time of the COVID
To put it simply, smart sourcing is the kind of approach where prospective clients get to select service providers from the highest tier. Or, they could choose according to the quality of services that the provider delivers. Many of these MSPs go above and beyond for the purpose of being able to strategically deliver excellent services.
This way, they can position themselves for longer-lasting and mutually beneficial relationships with partners and clients. Providers, on the other hand, must deliver results in tandem with the goals of the whole organization. Companies can now “smart source” or select the best providers that their budget can handle, as well as what they will require in terms of infrastructure needs.
3 Core Reasons on Why MSPs will stand out as the most reliable provider today and in the immediate future
1. Reduction of Security Risks
Granting that the MSP has an excellent rating in its security servicing life, whenever it is integrated within the client’s systems they must provide the much-needed security coverage. And this is how they have to do it while the organization works its way to new methods of doing business and restoring operations by its IT team in new working environments. It has to be minimal to zero risks.
2. To facilitate the necessary transformation of the workplace environment
48% of business leaders recognize the need to adjust and prime the workplace. This is so that they will be able to cope with the demands of an evolving workforce. It is also highly recommended that companies should reimagine what IT processes are since there is a need to transform the workings of IT while investing the same into the future.
3. To provide tech expertise and reliable service delivery
Excellent technical know-how and the provision of strong service is the foundation of trust in business relationships. The consensus among organizations feels that MSPs will be the go-to-service in terms of security within the next 3-5 years. Its qualities are then broken down as follows:
43% -trust and reputation
44% -financial stability
43%- automation
This is a chance for MSPs to demonstrate their true value as an operating entity in the IT-sphere of business. It has become a sort of a backbone for apps, the network, and processes. It allows businesses not only to survive but to make it adaptable as well.
MSP and the password security manager system
MSP commonly applies to both small and medium-sized businesses. However, as of recent it has become a necessity for all organizations across the board mainly because of the acute change in the business landscape.
Today, 42% of companies and businesses are not adequately equipped to take on the challenge of cybersecurity threats. They simply don’t have the know-how and experience to handle such situations. Unfortunately, this threat has risen by 82.5 % since the start of 2020.
MSP, for all the secondary treatment that it got in the past, has now become an almost indispensable system for reducing security risks. Choosing the right MSP password manager offers both an outright solution as well as a resell option which can be the most important decision a business owner can make. This applies as well to the continued growth of his business amidst these challenging economic times.
The key here is not to leave any room for cybersecurity risks.
Technology Partnerships with MSP Password Management Systems (and how to profit from it)
White label password manager
White labeling means that whenever a customer or a client buys or leases a working piece of technology that has no brand or label on, it will have the option and the authority to put his company’s name on it. He now can sell the product as his own. This principle of renaming and selling originated from the trade of common commodities or products. It is now being applied to technology.
The advantage of this is that you get to own a nameless established product and have complete control over your revenues as a reseller. It means you can profit from supplying the security demand in the market without having to go through years of research of trial and error. For just a small investment every time you purchase this password management system without a name, you can earn and profit while riding the demand. And you can do this between 3-5 years, as the demand is projected to continue growing at least until 2025.
Reselling
A simple concept that is similar to white labeling except that you take the product as it is, that means original manufacturer name and or label. Then you can go ahead and sell it for a profit. PassCamp offers reselling for the purpose of providing direct internal service to its clients and giving them their customers a chance to resell to others who need the service too.
Integration
This involves ‘tweaking’ or customizing the password management system to conform to the client company’s needs and standards. This type of modified password manager should be able to work seamlessly with company infrastructure and even be adaptable to scaling.
Conclusion
From a security point of view, making that necessary choice to keep your business protected and agile, MSP Password management systems in today’s business climate is no longer a choice but has become a necessity.
