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The Latest In Credit Union Insight & News

Why third-party supplier management could be the answer to your prayers

September 4, 2018

Credit Unions use lots of different hardware and systems to aid operational efficiencies. The typical technology ecosystem comprises many platforms, complemented by many more peripheral applications. 

An IT Managed Service for Credit Unions offers flexibility, peace of mind, and high-level preparedness before problems arise. 

Keeping track of multiple suppliers, each with separate driving motivations and with little concern for ensuring other suppliers succeed, can be time consuming, and distract staff from their goals. 

In the search for answers when a problem arises, your Credit Union could feel they’re being passed from pillar to post, constantly being redirected from partner to partner when no-one can decide whose responsibility it is to fix a problem. Your Credit Union then essentially becomes the ‘middle man’ in your own enterprise.  

A typical scenario might be imagined between two suppliers - let’s call them Supplier A and Supplier B. Supplier A will give a Credit Union complicated feedback or fix information to be passed on to Supplier B. Supplier B may have issues or need clarification, which then goes back to the Credit Union to be passed on to Supplier A. It’s a time consuming cycle and not an efficient use of anyone’s time - least of all your already in-demand Credit Union personnel.

Wasting time on back-and-forth between suppliers is especially counter-intuitive to an organisation whose responsibility it is to be as prudent as possible. Credit Unions can't focus on operational or growth strategy when they are bogged down in managing day-to-day fixes and supplier relationships in their technology ecosystem.

An IT Managed Service has your technology ecosystem covered

With an IT Managed Service, you get a service partner whose job it is to mediate between and among all technology providers on your behalf, meaning managing your Credit Union’s technology ecosystem is simplified. There are many benefits - especially around saving time and improving efficiency:

  • Only talking to one company about issues.
  • Amount of time spent tracking issues and trying to catch the right person at the right time is reduced or removed completely. Time can now be spent on meeting your operational priorities.
  • Your Credit Union is no longer the middle-man when there are delays as one supplier tries to fix an issue that’s preventing the progression of another supplier’s work.
  • Reduction of time stagnation when suppliers don’t communicate directly and your Credit Union is juggling other issues.
  • Conversations among suppliers will go much quicker as both are speaking the same language
  • Issues become one person’s problem instead of several, and it means that problems are either solved, or solutions explained in a timely manner, rather than two companies playing hot potato with your technology


IT Managed Services provide:


Support and peace of mind
If your Credit Union is large enough to have its own IT staff, an  IT Managed Service becomes a valued extension of this team. As well as supporting your internal functions, your provider will ease the workload and the time it takes to get things done. They will typically work in the background proactively fixing any issues that might become bigger down the line, allowing staff to focus on their goals.

Easy integrations and systems updates
Introducing a new system and process into your Credit Union is never easy. However, an IT Managed Service reduces the stress of setting up and integrating new hardware into your system with minimal disruption. Technology is the nuts and bolts of any business, which is why monitoring systems, updating software, and replacing hardware when necessary is so relevant and important to Credit Unions who are dedicated to customer service and protecting their data.

 

An IT Managed Service means you no longer have to be concerned with who does what in your technology ecosystem - so long as it gets done and the problem is fixed. By handing your relationships with technology vendors over to a managed service provider, you should never have to chase suppliers, check that everyone got the memo, or act as the middleman in your own enterprise. While Credit Unions still ultimately direct their IT Managed Service provider, the vendor will be like their own personal assistant to assuring the health and safety of their infrastructure. What’s not to like?

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