Reducing IT Costs for Financial Services Organizations

February 12, 2020 - by Synoptek

Share Button

What is IT Cost Optimization?

IT cost optimization is the process of ensuring that the state of your current IT infrastructure is as efficient and utilized as possible. This process may include updating legacy technology, switching software providers, or even taking advantage of additional business application features that an organization otherwise did not know existed. Once the IT infrastructure has been made to work and operate as streamlined as possible, it in turn optimizes IT cost, because large chunks of the IT budget will now be channeled towards upkeep and digital transformation rather than damage control.

First Steps to IT Cost Optimization

Gartner estimates “70% of IT support for infrastructure services can be performed at a remote location” and “remote infrastructure management services can reduce labor costs by 10% to 50%, depending on the delivery location, resulting in a 3% to 30% overall net savings, excluding one-time transition charges.”

A good place for an organization to start using remote infrastructure managed services is to outsource Help Desk administration and server event monitoring and management. Typically in IT, inefficiencies grow as complexity grows and over time and an IT infrastructure can evolve into a very complex system. The software and hardware tools needed to manage that complexity are viewed as too expensive to purchase and support in any but the largest enterprises.

Not so for a managed service provider as that is our core business. Synoptek Managed Services has invested over $1 million in software, hardware and trained staff to monitor and manage IT infrastructure. Replacing legacy IT infrastructure can be a complicated process and could significantly impact the ability to service customers 24×7 if not approached correctly. This is a good first step in making your IT Department leaner and more responsive to internal business objectives.

No matter how big or small your business, the ITaaS journey is only as good as the managed service partnerships you forge. Download our asset to learn more.

Remote IT Cost Optimization

IT Cost Reduction

Reduced manpower, performance efficiency and capacity planning resulting in 20-25% reduction in costs

Focus on Competitive Advantage

More free time to adopt technology for competitive advantage and increased market share while “keeping the lights on”

Security Quality and Process

Process-based approach to problem-solving, escalation, quality and more ensures adherence to standards and security controls

Automation Tools

Leveraging of enterprise automation tools can drive cost savings and improve system availability

Industry Best Practices

Adoption of industry best practices will result in efficiencies

Expertise

Access to domain experts who will aid the organization in skill development

Risk Mitigation

Improved risk-mitigation, assured business continuity, minimized downtime and secured integrity of customer data

Visibility & Transparency

Timely reporting for greater visibility, real-time control and analysis of historical trends

Scalability

Absorption of the peaks and troughs of manpower needs with automation and common operations framework

Service Levels

Establish critical service levels for performance measurement, tracking, and reporting

Pre-emptive Problem Resolution

Through proactive monitoring and event correlation

Achieve Better Business Results with IT Cost Optimization

With the increasing pressure to lower IT operating costs and expenses, combined with the demands on your IT staff and growing complexity, let the Professional IT Services Team at Synoptek speak with you.

We will demonstrate our knowledge of the Financial services sector and show you the results we have delivered to organizations similar to yours. For some organizations, we have improved reliability and saved them thousands of dollars.

CHEAPER

  • Achieve significant reduced IT cost
FASTER

  • Minimize turnaround time to fix incidents and provide 24/7 support for managing the enterprise infrastructure
BETTER

  • Ensure equal or better-quality user experience
PROACTIVE

  • Provide proactive event identification, verification, tracking and notification to ensure infrastructure up time and reliability
HIGHER VALUE

  • Enable internal staff to focus on high-value and strategic projects that would act as the differentiator for the various business units in the marketplace and to improve end-user satisfaction
REPEATABLE

  • Leverage a higher level of process maturity and leadership with the IMSC partner to improve the existing processes and provide consistency of delivery

6 Ways IT Design Lowers IT Costs

IT infrastructure consulting projects should focus on more than just technology solutions. Your organization should see measurable improvements in the following areas:

  1. Increased productivity:

    Your employees are more productive when your systems are fast and easily accessible.

  2. Improved service levels:

    Your IT infrastructure is up and running, enabling business continuity and uninterrupted service 24×7.

  3. Lowering maintenance efforts:

    The best and most cost-efficient design delivers an IT infrastructure requiring minimum service.

  4. Heightened security:

    Protect your intellectual property and privacy.

  5. Improved scalability:

    An IT environment that can easily scale with your company.

  6. Increased flexibility:

    Patch, upgrade or add to your systems with little or no downtime.

Synoptek IT Consulting for Financial Services Organizations

The Synoptek team listens to you and works with you to provide the resources you need for an efficient and cost-productive IT infrastructure, including software and hardware solutions that will take your business to the next level.

We understand technology, business processes and business systems in the financial services industry. We can help you build the most reliable and efficient systems architecture for your business by leveraging sophisticated and proven technologies in the industry.

Synoptek can help you leverage state-of-the-art technology for a high return on your investment. We analyze every aspect of your IT infrastructure: processing capacity, networks, security capabilities, interconnectivity and shared systems. We implement an IT infrastructure that achieves results.

We Assess, Define and Plan Your IT Infrastructure

Synoptek consultants evaluate your current IT infrastructure and learn about your business challenges. Typically, we perform these assessments prior to cloud migrations, hardware or software changes. We determine where you are currently and where you need to be. Our IT assessment can be focused on a specific area, such as:

We will perform a comprehensive analysis, following our proven process, to systematically evaluate your technology, identify gaps and recommend improvements. You will learn how we assess, define and plan your IT environment based on your business objectives. We will then establish a plan to work with your management team to develop a strategy for implementation.

Looking to optimize the cost of your IT infrastructure? Contact a Synoptek expert today.

New call-to-action