MSPs have a central responsibility within the labour supply chain. In managing large contingent workforces, collaborating with multiple suppliers, and maintaining end hirer compliance, it’s easy to dismiss data analysis as a ‘nice to have’. Workloads can mount up, and pausing to reconfigure for data incorporation may seem like unaffordable time consumption.
In the increasingly competitive industry field, however, this is a mistake. For MSPs looking to beat competitors for clients, data should, in fact, stand as a vital foundation. Continuously reviewing metrics and tweaking business strategy accordingly offers a fast track to elevating your service and getting one up on your competitors.
Why is being data-driven important?
Too often, companies rely on intuition. However, as human beings, even the most experienced industry veterans are limited by subjectivity. Without data, decisions are clouded by personal opinions and preferences. These are, of course, not measurable variables, making it impossible to accurately review progress and make strategic improvements.
Data inversely is objective: it’ll tell you the truth—not just what you want to hear. This is a vital starting point for all business decisions and can facilitate rapid growth. This kind of visibility is essential for identifying ROI, opportunities and even risk.
According to a recent PwC survey, highly data-driven companies are three times more likely to report significant decision-making improvements than those who neglect data.
If harnessed correctly, a more data-centric approach can give your MSP a more competitive edge.
Where are companies going wrong?
Deprioritising data analysis is a prerequisite to numerous examples of malpractice. This can result in wasted resources, lost opportunities, or even serious risks. Oftentimes, reluctance to invest time and money into data can erode profitability and cause you to waste time on ineffective initiatives.
Data accessibility is often a central issue. Too many MSPs continue to operate with disjointed software solutions. Seeking out data can be a time-consuming task, having to navigate complex manual systems or even wait for team members with access privileges to assist.
By the time data is finally obtained, updates may have occurred, making it obsolete, and its manual sourcing process makes it prone to human error.
Solving the Problem Using Updated Tech
New technologies can help enable effective data analysis with ease and accuracy. Whilst many MSPs worry about long, disruptive set-up processes, a SaaS-based model can be up and running within hours. Without the need for arduous software installations or expensive hardware, MSPs can quickly instil data-driven workflows and get ahead without sacrificing time or money.
With a cloud-based model, all data is accessible in one place and can be accessed on demand. And with real-time data, you can ensure you’re receiving up-to-the-minute information for more precise execution. This is especially important for risk management, as you can identify potential liabilities as they happen and solve them fast.
With automated systems, you can also reduce human error. For example, on a cloud-based VMS, data need only be entered once, then can be automatically shared with your team/labour supply chain: less repetitive data entry, less erroneous data to slow you down.
In conclusion…
Data analysis, if properly harnessed, can effectively act as a cheat code for getting ahead. In conjunction with the right tech, you can get vital insight into what’s working and what’s not. With this, you can set out a road map for success, helping you avoid pitfalls and take advantage of opportunities.
Being data-driven ultimately means improved visibility and strategy, and with the right tech can lead to accelerated growth and client acquisition.