Managed services have become increasingly common in the financial services and market data industries as financial institutions are realizing that their resources are better focused on delivering key value add services rather than managing market data. Market data is a very complex industry with a large number of vendors, services and solutions. There is a real benefit to having experts for hands-on support, as getting it wrong can be very costly.
When effectively delivered, a managed service can provide your company with a vast range of on-demand market data expertise as well as take away the management and administrative headaches of sourcing and managing your own large team, allowing you to focus on delivering your objectives.
What is a Managed Service?
A managed service is designed to handle your everyday operations allowing you to:
Focus on your strategic business needs
Add more value to your business through increased delivery
Manage your business relationships
It can also give you access to a range of industry experts who you may not require all the time but are there to support as and when required for tasks such as project delivery.
Managed Service Providers (MSP’s) are companies who employ industry-leading experts to take over your time-consuming and repetitive tasks on a proactive basis to help deliver efficiency.
Benefits of a Managed Service
Improved Cost Control
A managed service often proves cost-effective as specific deliverables can be provided for a fixed fee. This means that you know how much the service is going to cost for an agreed period. The vendor takes on any risk around staff, training and delivery allowing you to focus on your core business.
Increased Efficiency and Productivity
By taking on a managed service you hand specific tasks to people who exist to deliver in that area which in turn improves efficiency and productivity. A managed service can also help your direct team be more productive by giving them the freedom to focus on delivering their objectives rather than non-value add processes.
It is in an MSP’s best interest to modernize, automate and drive efficiency where possible and you will receive the benefits of all of this in increased productivity across the team.
Improved Risk Management
Managed services help to reduce operational risk. As long as the managed service is well defined at the onset and an efficient service delivery model is agreed you can sit back and enjoy the benefits of the MSP’s proprietary methodologies and best practices that they have developed over years of business.
Access to a Range of Different Experts
The MSP will have a team of experts who provide value through their distributed expertise. The SMEs can help you with ideas and strategy as and when required allowing you access to a wealth of knowledge without the full-time price tag.
At CJC, we believe that a managed service is a key element of a successful business strategy when set up and delivered efficiently. It means the client benefits from the expertise of a company who specialise in market data whilst saving costs and freeing up their resources to focus on their core business. CJC was established by market data experts with the sole purpose of providing bespoke market data solutions to clients. Our success has been on delivering managed services from nearshore locations for better operational control, speed and flexibility. This way, we’re less so an outsourcing option and more so an extension of your team.
Our upcoming blog series will explore what we believe companies see as the biggest challenges surrounding managed services and how you can overcome and manage these challenges to achieve a cost-effective, fully integrated and reliable service.
Interested in finding out more? Get in touch with our experts to learn how we can help you build a secure and reliable managed service framework to reach your business goals!
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