According to industry surveys they are doing so with growing demands for asset-based consultancy solutions. Gartner defines asset-based managed services as “an increasingly popular category of managed services that include at their core a prebuilt system targeted at a specific multi-customer problem with a multiyear contractual service to deliver business outcomes”.1 The reason? Companies want to leverage capabilities such as automation to more swiftly resolve issues, without having to build, invest in, or maintain their own technology.
This is set to become a significant market. Gartner expects that by 2025 more than 69% of service providers will leverage asset-based consultancy solutions for over half of their portfolio – up from 13% of service providers in 2020. At current worldwide IT service spending levels of approximately 1 Trillion US$, that equates to a $560 billion increase!
In a Gartner survey of IT managers, ‘most effective use of pre-built assets/tools/platforms’ ranked third in the criteria of how to choose a managed service provider, only behind “greatest overall ROI” and “best meets stated requirements.” A Statista survey of CIOs and IT managers also revealed this year that ‘71% expect automation to take on a larger role in service delivery.’
Market leaders are already investing in tools to augment their service offer. IT service providers who wish to remain competitive will need to invest now in a platform that enables the delivery of asset-based consulting services now or risk being left behind.
How to augment your service portfolio
If you want to capitalize on this lucrative market opportunity you should leverage a solution that:
- Incorporates data analytics and automation to manage projects more effectively.
- Enhances the service you provide your target customer base.
- Easily demonstrates the benefits of using that technology to stakeholders across the customer’s business, allowing you to rapidly gain buy-in.
- Enhances customer satisfaction to encourage future business.
- Incorporates industry best practices.
- Allows you to focus on high-growth, high-margin opportunities.
Of course, you could develop your own but that’s going to take time. Adopting a ready-built solution that you can leverage for multiple customers and multi-year projects, will enable you to maximize your ROI and focus on your core business.