Deciding whether outsourcing for some of your company’s work is a tough decision to make.
Independence is a tough token to buy and once we have it, we don’t want to let it go. However, there are benefits to outsourcing for both young and developed companies.
When companies make important decisions, the biggest factor is often money–the factor that limits and expands our business. At our hearts, what we really want is to impress our customers, to make something worth their time and worth ours as well.
First, we’ll talk about the heart of the matter: the clients.
Banks and other entities, a popular market in equipment leasing, hold onto banking information. They have the very important jobs of protecting the livelihood of families across the United States. Millions of dollars are invested, stored, and paid through online platforms that are expected to be 100% reliable, 100% of the time.
Online data is often the most common piece of stolen information, as most is not held through cards in safes anymore.
When companies hold all the data, what are they doing to assure the financial safety of their clients?
To secure data, companies first need to understand the most common risks that lead to stolen data. Miren B. Aparicio, the Global Finance and Technology Regulatory Lead, expanded on the risks and ways to mitigate risk in Chapter five of her 2017 book, Big Data.
Aparicio lists many different tools for mitigating risks to your clients’ data. First, and implemented with the system to avoid backlogging, is risk profiling (66). Risk profiling detects unusual behavior through profiling at-risk clients. After implementing a healthy system, using tools like the aforementioned to analyze future data is your best method for mitigating data security risk. For large accounts such as trade-related businesses that sometimes spend billions of dollars, certain analytics are designed specifically for large, repetitive transactions. For smaller transactions, independent audits work just fine as long as they are performed by an experienced staff (71).
JDR Solutions staff regularly studies and trains for these specific audits, building a relationship of lifetime learning between themselves and the software. If you work for a small or large bank and are concerned about your clients’ data security, JDR Solutions provides one-time and recurring analytics on your clients’ transactions.
We can engage with large software data searches and provide detailed reports of data. If you’re concerned about prices, it is very likely that you will spend less by outsourcing your data security than you spend on IT infrastructure now.
Don’t trust our word for it, though.
Trust Kunsoo Han, a professor of Information Technology for McGill University, and Suntil Mithas, a world-class scholar and professor who specializes in digital business. These two conducted a study in 2013 that analyzed (for the second time) costs of outsourcing for IT-operating.
Han and Mithas’ results mimicked the results of a similar study conducted in 2007. They found that IT outsourcing reduces operating costs by 30% across U.S. credit unions! (321) After all, the labor that goes into IT infrastructure was the most expensive part.
Why not save time, headache, and money?
We can make it easy for you, and that’s just what some of the professionals say. With our over 400 years of combined experience, we provide a service that is backed by financial wisdom. Our services are structured through professionals with a passion for software.
Money talks, but clients make the job worth it.
We can help your company earn their trust, and then we can really get the conversation flowing.
Aparicio, Miren B., et al. “Big Data: Mitigating Financial Crime Risk.” BIG DATA: A Twenty-First Century Arms Race, Atlantic Council, 2017, pp. 53–79, http://www.jstor.org/stable/resrep03719.9.
Han, Kunsoo, and Sunil Mithas. “Information Technology Outsourcing and Non-IT Operating Costs: An Empirical Investigation.” MIS Quarterly, vol. 37, no. 1, 2013, pp. 315–31, http://www.jstor.org/stable/43825948.