Businesses today are starting to fully jump into digitalization, which is the integration of technology that transforms the way organizations operate across their different areas, services. and channels, with customers and other stakeholders. With many companies now having begun digitalization in their business processes, some have already experienced serious benefits, such as improved the efficiency of their operations and even successfully automated many processes. One industry that has been wildly re-shape thanks to digitalization is the managed services provider (MSP) industry.
The MSP market is a bigger business than ever before. What started as essentially an IT reseller role, to provide, install and manage a specific application, has evolved into MSPs becoming an integral part of a company’s IT provision and support network. With more organizations turning to digital transformation, the necessity of MSPs has allowed the industry's market to grow rapidly.
The global managed services market size was valued at USD 239.71 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.4 percent from 2022 to 2030. In comparison to overall IT services, Gartner predicts the MSP market to grow at three times the rate in 2022 alone.
Now, as technological “jacks of all trades” MSPs can offer their services across a range of digital processes. However, the rapid rise of the MSP industry has brought with it not only prosperity for MSPs, but unfortunately an abundance of new challenges, as MSPs quickly realize a growing customer base can be a double-edged sword.
Among the challenges MSPs are facing during their day-to-day processes, most of the top dilemmas are related to profitability. Roughly two-thirds (68 percent) grapple to maintain profitability today. This stems from the plethora of issues MSPs may have to handle at any given moment. Dealing with the unexpected can have a strain on client relationships and a financial impact for MSPs, making it harder to maintain revenue growth.
Challenges associated with project management and automation also riddle modern-day MSPs. With an enlarged customer base, MSPs must be on top of quoting, billing, and ordering for all more clients than they’ve ever had to handle. For many MSPs, they’re finding the answer to these problems in the form of digital automation tools.
By automating their own daily processes, MSPs can reduce costs, streamline projects, and provide high-quality services, all while eliminating human errors from mundane processes. Numerous MSP organizations have already made the switch to automation, with many more in the industry starting their search for the right automation tools that fit their unique needs.
Recently, OneBill, an end-to-end billing & revenue management platform that automates the entire quote-to-cash lifecycle, announced that they will be showcasing their new integration with the powerful PSA tool ConnectWise Manage at the ITEXPO 2022 in Florida on June 21-24, 2022. Patrons will be given an interactive walk-through of the OneBill platform and this new featured integration at Booth #649.
ConnectWise is a digital platform for Managed Service Providers (MSPs) for all things quoting and proposal automation, time tracking, project management, IT documentation, VoIP integrations, service delivery, help desk management, and real-time reporting. Therefore, OneBill’s objective was to build this integration so that billing and project management can exist in one streamlined ecosystem for MSPs.
Through this new integration, the OneBill platform will push subscriber details, invoices, payments, and customer tickets to the ConnectWise Manage platform. This new integration is a game changer for MSPs, as it ensures that bills match what’s in a ConnectWise agreement.
“OneBill understands the unique needs of MSPs and the importance of PSA tools like ConnectWise for them,” said JK Chelladurai, Founder & CEO at OneBill. “With this integration, MSPs can now leverage both OneBill and ConnectWise Manage capabilities by saving time, expanding their selling of telco services, and unlocking their full potential to scale and grow”.
For those interested in learning more about the challenges MSPs face, how to overcome them, and the topic as a whole, click HERE to learn more about the ITEXPO Super Show being held June 21-24, 2022 at the Greater Fort Lauderdale/Broward County Convention Center in Fort Lauderdale, Florida.
