What You Need To Know About Technology Planning

If your IT budget isn’t going as far as you’d like, then you need to start planning it sooner rather than later. By understanding the different ways that IT offers value, you can set your spending priorities to maximize the return on your technical investments. 

Businesses often Struggle with Technology Planning

Despite the fact that 93% of surveyed businesses recognize that IT is strategically and operationally critical (Wakefield Research), very few are doing anything to properly plan their IT:

• 66% find that the amount they’re budgeting towards IT isn’t enough to keep up with what they need from it.
• 77% of those with less than 100 employees have found that their investments in IT are too limited.
• A third of those surveyed said that less than 10% of their strategic planning was about IT.

That’s why you need to ensure that budget planning aligns well with your business priorities.

3 Key Considerations for Your Next Technology Plan

Keep the following in mind when planning your IT investments:

Cybersecurity

You cannot afford to underinvest in your cybersecurity. Even a single breach can cost you tens of thousands of dollars or more. That’s why you should arrange for a cybersecurity assessment to double-check for any vulnerabilities and remediate them.

Track Technology Lifecycles

Do you know how old your technology is? All hardware and software versions will reach End of Support, which means that you will no longer get bug fixes or security updates. This creates a significant security risk since any newly discovered vulnerabilities on these older items will not be corrected.

This is why you need to have a detailed schedule of your hardware and operating systems’ lifecycles. Knowledge of your hardware and software support timeframes allows you to create a long-term plan for hardware and software refreshes.

Product Availability

New technology is often in high demand, and inventory may be low. Planning for future purchases allows you adequate lead time in obtaining new or replacement hardware.

Don’t Put Off Your IT Budget

Don’t let technology disrupt your business. With IT shifting from just another piece of equipment in the office to the core of operations and a key aspect of how you defend your business, you should designate it as a central part of your budget. This also means that you must assess and clearly define how IT aligns with your business objectives to decide what you’ll need for the coming years.

Proper IT budgeting will help you lay a foundation for success for the future. Using the right IT solutions can help you:

• Accelerate your business growth.
• Increase your operational effectiveness.
• Ensure optimal productivity from your employees.
• Increase your cybersecurity defensive posture.
• Increase collaboration and communication.

We Can Help

Our team can help you develop an IT strategic plan for your company to ensure you are investing in the appropriate solutions to meet your overall objectives. Effective IT planning should result in a wide range of benefits for any operation in any industry. 

IT strategy isn’t a one-time thing. We can work alongside your team to provide ongoing guidance, support, and services. Reach out today to get started on your next technology budget and overall IT plan.