In fact, we’ve identified eight important ways MFT saves your organization money.
MFT Automation Means Less Time Spent on Repetitive Tasks
People hate doing the same thing over and over and over and… Instead, they want to apply creative and critical thinking to solving problems, or to use their skills on high level tasks that add value to their role and to their organization. When MFT automation relieves your staff of the responsibility of handling drudgery, and frees them up to do those more valuable tasks, it saves your organization money (and might even contribute to the bottom line).
MFT Automation Means no Penalties for Missed Payments and Transfers
In business, your partners and vendors expect you to live up to your commitments. Sometimes those commitments include sending business-critical information, payments, or other data on a specific schedule. When those transfers don’t happen, bad things follow—things like fines, penalties, lost business, and possible costly legal entanglements. When you have the option of using MFT automation to schedule the transfer of those vital files, it helps keep information and business flowing smoothly, and minimizes the risk of financial loss due to simple oversights.
MFT Support for Compliance Translates to Fewer Fines
Regulations compelling organizations to keep data safe are everywhere, and regulatory compliance is a business imperative. Failure to follow the rules can result in large fines. Whether your organization is involved in cross-border data transfers, or managing the full data lifecycle, a failure to follow the rules can cost millions of dollars. Using a secure MFT product that documents all associated activities in case of an audit, or that automates certain processes to ensure they are within the appropriate rules, and secures files both in transit and at rest can help maintain compliance—and avoid any associated fines.
Secure MFT Helps Minimize the Risks (and Costs) of Data Breaches
Data breaches are a scourge of doing business in the digital age. The recent 2022 Verizon Data Breach Investigation Report found that human error was a component in 13.5% of all data breaches. That is a lot! Worse, the Ponemon Institute’s annual Cost of a Data Breach Report found that the average cost of a data breach was $4.24 million per incident. Using MFT automation can minimize the risk of a data breach by taking human error out the equation, and ensuring data is encrypted in transit and upon receipt, thus minimizing the risk of losses associated with a data breach.
MFT Supports Compliance with Trading Partner Rules
It’s not just government agencies that demand compliance with their labyrinthine rules; companies often require their partners to do things a certain way, including dictating how information is shared between organizations. For example, many large ecommerce firms requires its suppliers to conduct electronic data interchange (EDI) transfers using the secure file transfer protocol (SFTP). Banks often require their commercial customers and partners to standardize data transfers with a particular type of encryption. Using a secure MFT platform to manage these demands is simple—even when there may be multiple partners with differing requirements. That opens your organization up to more economic opportunities.
Commercial MFT Products are Simpler and Cheaper than Building One In-House
This might seem counterintuitive, but when you task your IT team with building the means of conducting file transfers, you are wasting both time and money. There’s a lot of specific expertise involved in keeping file transfers secure, ensuring documentation in the event of an audit, and for integrating process automation for things like scheduling, encryption, and trouble notifications. If a process is skipped, doesn’t work right, or is simply overlooked, it can cost… a lot. Besides, your staff have better things to do with their time than to reinvent the wheel.
An MFT Platform does not have to be Subject to the Cloud’s Unexpected and Unpredictable Costs
The Cloud is a wonderful thing for a lot of reasons, but organizations that use simple cloud applications for data transfers, or for building their own file transfer solutions, can be subject to unpredictable costs. Terms of service changes, metered usage cost spikes when data transfers exceed normal volume, and the accumulation of fees associated with the various tools and services required can end up costing a lot more once you start to add it all up. With a secure MFT platform where you control the deployment options, you can be assured of cost predictability.
Save a LOT when you Choose Diplomat MFT Over the Competition
Of course, many of the savings described above are dependent on investing in a secure MFT platform that is priced at the right value. It might make perfect sense to DIY when a vendor wants to charge you $25K to $100K for an MFT platform. That is where Coviant Software’s award-winning Diplomat MFT products come into play. Coviant Software offers a top-rated, enterprise-grade, secure MFT product that is the best value in the industry. We offer ethical pricing and feature transparency, and we back up our products with the industry’s best customer service. Compare our solution to others to see for yourself. If you need a managed file transfer solution, why not invest in Diplomat MFT and enjoy all the cost-saving benefits? Best of all, you can try us for free to reduce your risk. Just click below to get started.