If you’re a business or IT leader you need to start thinking about your 2019 IT Budgeting. Your mission, if you choose to accept it, is to not only “keep the lights on” but determine how to invest in people, processes and technologies that will improve your team’s productivity and give your business a competitive advantage.
The challenge you may face is truly understanding how to account for all the costs for the people, processes and technologies needed to successfully align with and meet your overall business strategies and objectives.
Many companies don’t realize that some of their IT costs are hidden or allocated within other departments. A good example of hidden IT costs could be the cost for your IT team allocated to your HR budget, or the cost of running cable could be in your facilities budget.
Your IT Budget isn’t just a wish list for next year’s projects or fixed general ledger line items for annual maintenance agreements and expenses. It needs to include the hidden costs so you get a complete picture of what you’re spending on IT.
This insight will help you align your IT strategy to your business objectives and key initiatives, and understand what’s most important for you to do in 2019.
If you’re not sure you’ve identified everything you spend on IT, or how to prioritize what to spend to meet your company’s key objectives, then you may need to engage with a qualified service provider who can perform an IT Budget Assessment before you start your 2019 IT Budget planning.