Regardless of the type of business you’re running or even the industry that you’re operating in, accurate IT budgeting is a mission-critical process. It makes sure you’re allocating the appropriate funds you need to keep your IT infrastructure up and running.
But it involves more than just making sure that someone remembered to pay the internet bill on time. Your IT budget provides the essential finances necessary to guarantee that your IT resources are properly aligned with your long-term business objectives, increasing return on investment, maximising efficiency, and lowering costs in one fell swoop.
This is part of why it’s so important to update your IT budget every year. Tech is the key to your organisation’s competitive advantage, but it also evolves at a rapid pace. If you don’t make a proactive effort to keep up, you’ll undoubtedly find yourself left behind.
So in terms of creating that all-important annual IT budget, there are a few key things you’ll want to keep in mind.