One such technological advance is the growth of workflow automation. Many MSPs have been slow to adopt automation as part of their core offering because they believe it requires a sophisticated and expensive skill set to create custom workflows that unite processes across an entire enterprise. But thanks to Paperwise Symphony, MSPs are finding it very easy to add workflow automation to their portfolios with three main advantages:
- Paperwise Symphony already has prebuilt process automation templates based on industry best practices that can cut development and deployment time by 90-100% depending on the needs of the client. Right out of the gate, clients can begin using workflows for common procedures like AP invoice processing, employee onboarding, maintenance requests and other high ROI applications.
- Paperwise provides you with a team of experts, so you don’t need to have trained process management engineers on your team to get started. Of course, many MSPs see the value in starting a process automation practice built around Paperwise Symphony, but you can start immediately while you train up.
- Low-code automation tools mean MSPs can customize solutions for clients without learning a new programming language or environment. Low-code automation combined with robust document management, analytics and security make it easy to deploy new workflows.
New Competitive Advantages and Recurring Revenue for MSPs
Lower margins and overall profitability are common challenges for MSPs. Unfortunately, most service businesses struggle with margin improvement because they rely on experienced staff in high salary ranges and face steep fixed costs regardless of utilization rates. Margins on hardware sales is often low to zero depending on their relationships to clients and vendors. IT services are commoditized offerings with many competitors in each metro area further driving down pricing and profit.
Workflow automation is a way to add competitive advantages that can drive new profits and recurring revenue to an MSP portfolio.
- Competitive Advantage: MSPs can significantly differentiate their offering with workflow automation. Instead of providing commoditized support and service, you can completely customize solutions that exactly match your clients’ needs and business. You will stand out from the crowd with innovative tools and high ROI.
- Improved Profitability: Thanks to the advantages we mentioned above like prebuilt templates and access to a team of experts, MSPs can offer workflow automation with very little investment. There is no increase in your fixed cost, salaries, or overheads so the money you make is at a very high gross margin. You simply add a new service without adding new overheads.
- Recurring Revenue: Building a base of recurring revenue is the only way for MSPs to predictably grow. Workflow automation provides a high ROI solution for clients that is deeply ingrained in their business processes. This win-win for MSPs and their clients creates a consistent, dependable source of recurring revenue for MSPs.
Improved Service and Client Loyalty for MSPs
Most importantly, workflow automation improves client retention and loyalty for MSPs. Because custom workflows are not commoditized, they cannot be easily replaced by competing MSPs. They also present very high ROI for your clients, so you clients will place a higher value on your overall offerings. In fact, studies have shown that inefficient workflows cost companies as much as 30% of their revenue each year. When you can create such a high return on your services your clients won’t leave for another MSP.
Additionally, many MSPs apply workflow automation to their own businesses to create new ways to services clients. This might include integrated online forms, deployment or purchase requests, new client employee onboarding, security management and more. You improve your customer service and satisfaction while increasing your own efficiencies. Your team can spend less time on manual data and processes and more time interacting with clients.
If you’d like to learn more about how easy it can be to add workflow automation to your MSP offering, please contact us for a private consultation and we can get you started right away.[/vc_column_text][/vc_column][/vc_row]
