IT budget

4 Things Your IT Budgeting Should Do

To many, IT expenses are a budgetary vampire, there to suck the blood out of your bottom line. But companies rely more and more on technology to grow their businesses. As we move closer to 2018, we’re seeing IT budgets growing steadily. In fact, according to Spiceworks,

“Most companies across the globe will be keeping IT budgets steady, or giving them a boost over the next 12 months. In fact, close to half of companies (44%) expect budgets to increase while 43% anticipate no change at all. Only 11% expect to see their budgets decrease.”

True IT budgeting should boost your business growth, not drag you down. As you begin to plan your 2018 IT budget, keep in mind some important elements regarding your technology.

Your IT Budget Should Stimulate Innovation

If you think of computers and phones when you hear “technology,” you’re probably thinking about it incorrectly. Your technology should inspire you, stimulating innovation among you and your team. If your technology doesn’t excite you, then your IT budget will always be a burden, hindering your progress.

Focus on your wishlist. What are those innovations that are just out of your reach? By budgeting on the right technology for your business, you begin to achieve greatness. Turn your IT budget into an advantage, so your business goals become reality.

Your IT Budget Should Reduce Technological Debt

We talk to people every day who leaned heavily on capital expenses to get the equipment they need to function. Debt ended up chasing them. Now, you’re in a veritable debtor’s prison just to keep your business afloat.

When you’ve put money down for IT, streamlining your budget can help rid you of that debt. Why drag out payments and interest when you could maximize your IT expenses and clear a path forward. If you don’t have a strong plan for eliminating your technological debt, your IT budget needs some serious TLC.

Your IT Budget Should Foster Departmental Collaboration

Collaboration is the key to success, and budgeting for collaboration tools is an essential component of that. Many businesses get locked into contracts for tools they don’t need. But the right tools for your business are out there.

Between heavy hitters, like Office 365, Skype for Business and others, your software (and hardware) should help your team collaborate. With the workforce changing, putting more demands on remote working and mobility, you need to know that your technology can adapt to changes in work environments, while keeping your team together, if only virtually.

Check out: Keep Eyes on Your Bottom Line with IT Budgeting

Your IT Budget Should Improve Efficiency

A streamlined budget not only smooths your checkbook, it can also provide tools to improve processes in other departments.

Your IT budget should give your team the workflow automation that makes their jobs easier, making them more productive and freer to think outside the box, instead of dedicating much of their time on unproductive tasks.

Social technology tools also give great benefits to a company’s efficiency. According to McKinsey & Co, “Improved communication and collaboration through social technologies could raise the productivity of interaction workers by 20 to 25 percent.”

That kind of efficiency could transform your business.

Let the experts at Axxys help you streamline your budget. Call us today.