Business is becoming ever more reliant on tech, and companies are increasing their IT budgets like never before. 53% of companies in North America and Europe are poised to spend more on IT this year than in years prior. Especially as more companies implement remote and hybrid work models, they are realizing the importance of investing in high-quality IT infrastructure. But this means making new and sometimes dramatic changes to their IT budget.
A well-crafted annual IT budget will set your company for a successful year. So what are some ways to effectively manage your IT budget and plan ahead for new technologies?
The initial step of assessing your annual IT budget is evaluating the year prior. First, take a look at your expenses and see if any items would be beneficial to remove. This may include recurring software subscriptions, unused licenses, or equipment line items that you no longer need.
Then, consider the IT assets your team is currently using. Which are still up-to-date and relevant for the year ahead? Which are outdated and desperately require replacement? Try to prioritize upgrades based on need, especially if you may not have the budget to tackle all these needs at once.
Once you have an idea of the state of your IT systems, you can create a more informed budget. For the most effective IT budget, focus on your daily operating needs, the items that contribute to your company’s growth, and items that facilitate innovation. Only after critical systems are addressed should you allocate money to less-needed IT assets.
Now is also the time to plan ahead and ensure that your annual IT budget is proactive, with vital upgrades and emergency funds built in. Waiting to set money aside until an electronic device fails can lead to delays, increased downtime, and unbudgeted expenses. To avoid these issues, closely track the life cycle and the condition of the equipment you currently have. Remember that tech needs can change at the drop of a dime, so leave room for flexibility.
While some elements of your IT budget are more important than others, don’t become so focused on certain needs that you overlook less obvious assets that may demand some expenditure. Double-check that you’ve included the following components to ensure your budget is comprehensive:
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