To continue our series of blogs on maximising your spend and reducing costs, this week we feature Managed Services.

As businesses recover, transformation and the ability to think differently are critical – managed services can be the solution.

Adopting managed services can be a faster, more effective route to transformation.

The health and economic impacts of COVID-19 continue to be felt all over the world. The pandemic has wreaked havoc on business-as-usual with disruption to supply chains, government-mandated shutdowns and changing consumer behaviour. Many companies – and entire industries – are on the brink.

Pressure on traditional business models exacerbated by COVID-19

• 84% of organisations are adapting to address deficiencies in current operating models.
• COVID-19 has accelerated the need for businesses to look at moving operations across to a managed services model.
• While no-one could have predicted COVID-19, the truth is that traditional business models were already feeling the pressures of a shifting working world:

Cost reduction is a priority, as management teams seek to leverage new technologies and improve efficiency metrics

Key functions must do more with less, Managers are expected to increase effectiveness without any additional resources

Board demands are on the rise, with tougher expectations around return on investment and performance.

Keeping ahead of competitors is harder than ever, requiring deeper industry insights, digital tools and data analytics – as well as the specialised talent to run them.

COVID-19 has accelerated and exacerbated the effects of these forces. As businesses begin to recover and move into the next and beyond phase, they face an urgent need to do more than just address them more effectively – they must reimagine entirely new solutions.

Principal not only have the solutions, our innovative finance solutions reduce the costs further.