After working at four different MSPs and eventually founding my own, I’ve experienced firsthand the pains of trying to manage hundreds of passwords so techs can gain access to and support client networks. Even though these pains can be hard felt at times, many MSPs still haven’t implemented a true password management solution, which offers secure storage and automation.
I’m here to tell you that it’s time to get on the wagon. In addition to the efficiency gains that are realized, there are many other valuable benefits that a password management system can provide an MSP.
1. Regulatory Compliance
Many industry verticals today have stringent policies and protocols, such as HIPAA and FINRA, in place and companies face stiff penalties if they don’t follow them. Thanks to the auditing logs available in a small business password management and IT documentation solution, clients can generate reports to prove password and documentation compliance with the click of a button. Not only will you appreciate the ease of delivery and time savings, but it will mean one less thing for your clients to worry about.
2. Technician Turnover
Let’s face it, IT is a high-turnover market. When a technician leaves your MSP, you can waste hours changing all the passwords at every client to make sure the former technician no longer has access. Being proactive and leveraging a password management solution allows you to lockout technicians in a fraction of the time. This is done by allowing you to only change the passwords that person knows, and leveraging password change automation to handle a good chunk of the work. Think of all the time you can free up to focus on more important tasks, like engaging with new prospects and building client relationships.
3. Technician Accountability
When do you do your best work? It’s when you know someone is going to be reviewing that work, right? Well, think of the extra thought and consideration your technicians will put in before making configuration changes on client networks if they no longer have the blanket protection of using the shared admin login to the network. When technicians are aware that audit logs can trace any work back to them because they accessed or used the password stored in the system, they will think twice before crossing their fingers and saving a change. I witnessed this firsthand at my MSP and immediately saw higher-quality work from our team.
4. Differentiation from Competition
Prospects buy from people they trust, and adopting a password management solution will help you gain clients’ trust because you will inherently have policies and procedures in place that help strengthen client security. Explaining the steps you have taken to protect their most valuable assets — passwords — will increase the confidence prospects have in you and set you apart from the competition. What about offering your clients the ability to reset their own network passwords when they can’t remember them, instead of submitting a ticket and sitting idle waiting for a response?
5. Brand Extension
One key risk for an MSP is the potential of losing clients. Clients will switch IT providers for a variety of reasons, including a lack of “connection” to the brand. Often they associate the company with a single technician, or they rarely see the MSP’s logo and can barely identify it. By using a password management system that allows you to white label the product and resell it to your clients in a Password-Management-as-a-Service format brings your logo front and center with each user, giving them a sense of security provided by your brand. This can make your MSP stickier, and creates incremental revenue potential because you’ll be selling a solution that increases client operational efficiencies and lowers their risk.
To learn more, watch Passportal’s webinar with Dan Wensley, President of Passportal, as he discusses the values and operational benefits for your MSP of leveraging a password security management solution that is fully integrated with IT Documentation.
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Great article. I’m experiencing a few of these issues
as well..