Reviewing Your 2017 IT Budget

As 2016 rapidly comes to an end, now is the ideal time to determine what role IT will have for your business in the next year. Whether you’ve exceeded revenue goals for 2016, or are eager to put this year behind you, one thing is certain: 2017 is almost here and changes are happening. Your budget may already be in the works for next year but we urge you to take another look in preparation for 2017. As industries evolve, technology continues to advance.

Here are four items your business can’t afford to miss in the 2017 IT budget:

Is your IT budget aligned with your company’s strategic goals?

The goal of technology is to simplify the life of the end-user. Unfortunately, IT systems can also do the opposite when implemented improperly. It is important when budgeting for IT improvements to focus on areas that support your company’s strategic goals. Optimizing your IT spending will result in your finance department viewing technology as ROI rather than another expense.

What new technology does your business need to continue its growth?

Outdated hardware and software can hinder productivity, increase security risks, and even result in system downtime. As a result this may end up costing the company unbudgeted amounts beyond the cost of just replacing the outdated hardware and software. Deploy an asset management process that tracks when updates are needed and when end of life cycles are approaching. This will prepare your budget for upgrades and replacements while avoiding the additional expense of dealing with failed hardware or software and all associated costs.

Have your prioritized your protection?

Cybercrime is at an all-time high due to the alarming vulnerabilities that leave organizations exposed. Many companies do not adequately invest in their IT security. With recent data provided, the estimated global cost of cyber attacks is hitting hard at $400 billion annually. IBM’s CEO and President, Ginni Rometty, was quoted in the Forbes’ article, Cyber Crime Costs Projected to Reach $2 Trillion by 2019, stating that “Cybercrime may be the greatest threat to every company in the world.” Although tightening up your cyber security will not produce ROI, the cost of not doing so outweighs the potential damage to your business.

Planning to cancel IT training to reduce costs?

Technology is expanding to almost every function within any industry, which means understanding how to properly use it is important. Proper use of technology results in increased productivity, efficiency and security. The investment in your IT budget is maximized when your employees understand and use every tool available to fulfill their responsibilities. Without the appropriate training in your company’s IT and security, all other IT investments will suffer.

According to John-David Lovelock, Research Vice President of Gartner Inc., the worldwide IT spending is predicted to reach $3.5 trillion in 2017, up 2.9 percent from 2016 estimated spending of $3.4 trillion. The drive behind the anticipated increase in spending in 2017 is a direct result of business’ efforts to expand. IT is no longer considered a cost center but instead a means for growth. Your IT budget needs to create a direct path to become more agile and aggressive in your pursuit of success.

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