What to consider when doing your IT budget in 2021

Oct 19, 2020 | IT Management

IT Budget

It is easier to recognise investments in IT that cannot be compromised, as technology evolves.

While it’s still a disruptive environment for modern-day business owners, IT consultants such as Triple4 are giving customers the tools they need to compete in an online world. While 20202 has introduced some exciting technology trends, 2021 promises to unlock a world of solutions that maximise your return on investment (ROI).

From mobile computing to cloud security solutions, employers are urged to up their approach to technology with resources that can scale your business for success. Digital transformation is everything but a buzzword. Once you realise that it’s here to stay, you will be able to embrace digitisation and justify your budget spend on innovation.

Take a look at the following factors you should consider before building a 2010 IT budget.

Outsource your IT to an industry professional.

The most common reason cited to not steer towards an entirely digital environment is a lack of available resourcing. By outsourcing to an IT company that provides managed services, you can free up much-needed capacity. To grow, you need to consult with an advisor who can analyse your current IT systems and align them with your objectives. Professionals will be able to guide you on your asset spend, enabling you to understand the purpose behind your IT costs better. They will also be able to advise you against infrastructure that does not support your business’s overall vision.

Have a clear understanding of vendor models.

It’s no surprise that technology isn’t cheap. Often this is the outlook managers have when they’re unable to understand the benefits of cloud and vendor models. Depending on the IT services you plan to invest in, business owners should have a clear idea of what they’re paying for when choosing a model. This information should be easy to digest to ensure that you’re choosing an approach that will improve your efficiency.

Discuss system collaboration with stakeholders.

If you want to integrate existing applications with various departments’ systems, you need to have an open discussion about collaboration. In essence, every business wants to operate like a well-oiled machine and to do so you need to merge resources for better outcomes. So, before you reveal your budgets, communicate with stakeholders to get a better idea of their expectations and the type of tools they need to achieve specific goals. All parties need to understand that you cannot improve what you cannot measure. Determine your desired results before finalising your IT budget.

Discuss IT needs before making an impulse decision.

During this process, it’s essential to consult with your CFO on budget flexibility. Technology can be costly. If your business cannot afford large sums of money on state-of-the-art systems, you will need to brainstorm alternative ways to achieve the same goals for less. Triple4’s advisory consulting services are available for businesses who need objective insight into their current setup and performance. We will be able to advise your next steps based on a business model, risk, security and more. And, depending on your needs, you can rely on us to help build, maintain and evaluate your IT environments.

In such a technical space, it’s easy to jump on every technology bandwagon. Knowing which trends to invest in, and which to ignore is crucial for your IT budget and bottom line. Make sure you have clear proof of ROI to support your spend.

Allow for a diverse range of services in your IT budget.

As previously mentioned, technology is continually changing. Businesses need to consider various factors. From SaaS data security to cloud hosting, staff training and more, you will need to put money aside to cover a handful of different areas. While it might not seem important, your employees must be up to speed on the latest changes. By keeping your staff trained and aware, you will be in a position to use new tools to improve productivity in your business. When making final decisions on your IT budget, speak to IT consulting companies which can help you. It’s vital to get bang for your buck, but it’s more important to receive end-to-end support that meets your needs.