With the ever-changing landscape of technology, it can be challenging to stay current with trends and ensure that your company uses its IT budget in the most efficient way possible. According to a recent budget pulse poll by Forrester, 67% of US IT professionals anticipate rising tech expenditures over the upcoming 12 months, with 26% of respondents anticipating more than 5% increases. Gartner’s CIO Survey found that the average IT budget for 2020 was 15% of the company’s overall revenue. That’s a lot of money to be investing in IT, so you must make the most of your budget.
By following these simple steps, you can ensure that your IT budget is being used and that your company is getting the most out of its investment. Listed below are tips for getting the most out of your IT budget:
1. Define your objectives.
Before making changes to your IT budget, you must first sit down and define your objectives. What are your company’s goals? What does it hope to achieve with its IT infrastructure? When you have a better understanding of your objectives, you can start making decisions about how to allocate your budget best.
2. Review your current infrastructure.
Once you know your objectives, assess your existing infrastructure and see how it aligns with those goals. Are there any areas where your current setup needs to be improved? Are there areas where you could be making better use of existing resources? You can strategize better about where to invest your IT budget by identifying where your infrastructure needs improvement.
3. Prioritize your projects.
Taking a step back to prioritize your IT projects according to their importance is crucial before investing money without caution – this will help you save in the long run. Not all IT projects are equal, and some can have far-reaching implications for your business; it’s prudent to ensure that you’re only spending on those items most pertinent for success.
4. Research new technologies.
The tech landscape is constantly evolving, so staying current on the latest trends is vital. Such innovations can bring significant advantages for businesses, so researching their applicability to your organization should be a priority when analyzing new technologies. When evaluating new technologies, consider the upfront costs and the long-term savings they could provide. In a report conducted by Forrester, software and cloud investments are seen as key drivers of growth. This shows that investment in technology can lead to a greater ROI.
5. Create a roadmap.
Having researched the new technologies you wish to incorporate, it’s time to craft a roadmap for their implementation. This plan should include an accurate timeline, expenditure, and resource estimates per project. With a comprehensive road map in place, you can rest assured that each venture stays within budget and schedule!
6. Consider open-source solutions.
Open-source solutions are often just as good as their proprietary counterparts, but they come at a fraction of the price. So, consider open-source solutions when evaluating different options.
7. Get multiple bids.
Once you’ve prioritized your projects and researched possible technologies, it’s time to start shopping around for vendors. But don’t just go with the first vendor that comes along—get multiple bids and compare prices before making a decision. This will help ensure you’re getting the best value for your money.
8. Negotiate with vendors.
Once you’ve selected a vendor, it’s time to negotiate! Don’t be afraid to haggle over price—you’d be shocked at how much you may save by simply asking for a better offer.
9. Work with a trusted partner.
When making decisions about your IT budget, it’s essential to work with a trusted partner who has your best interests in mind. A good partner will help you understand your options and make informed decisions about how to use your budget best. They should also be able to offer guidance and support throughout
Making the most of your IT budget requires careful planning and continuous evaluation. By taking the time to assess your company’s needs and research new technologies, you can ensure that your budget is being used and that your company is getting the most out of its investment.
At BlackPoint IT, we understand the importance of having a well-managed IT budget. Our expert professionals will work with you to identify your needs and recommend technologies to strategize how to use your budget best. Our expertise and resources will help you ensure that every dollar spent brings maximum value to your business. To find out more about how BlackPoint IT can assist you with managing your IT budget, contact us today.