The past few years have been plagued with one technology attack after another. Cyber criminals are getting bolder and business owner are beginning to truly understand the impact IT has on their business, data, long-term goals and company culture. A business owner who smartly invests in their people and technology will find that the overall success of one is tied to the success of the other.
Technology can be attacked, copied, manipulated, and abused, but the worst thing it could be (especially by a modern business owner), is ignored.
TechPro researched what companies are planning on doing with their IT budgets in 2018, in comparison to the previous years.
- Larger numbers of respondents reported budget increases this year than in 2017. 63% of respondents in this survey said that they anticipated 2018 budgets that would be increased over 2017.
- Although IT spending is up, the number of respondents who felt that the IT budget was valued as much as other departmental budgets fell to 48% in 2018 from 65% in 2017.
- Most spending on tech still comes from the IT budget. Sixty-four percent of respondents said 10% or less of tech purchasing comes from other departmental budgets.
- Fifty-three percent of respondents said improving security will be a top budgetary priority for their organization in 2018; 47% said their company will be prioritizing hardware purchasing; and 43% said their organization will place priority on cloud services.
- When asked how vendors could assist with budgeting, 60% of respondents said vendors should provide clearer pricing and licensing models. Other top responses included providing assistance with pilot demos and assistance with ROI calculation.
- Respondents said most of the recommendations for items in the IT budget initially come from IT managers and technical staff.
Here is an infographic detailing some key findings. You can read the full article here.
Financial planning for your technology needs isn’t easy, especially when you aren’t sure where to specifically focus your resources. Our consulting conversations can help you facilitate a direction for your long-term planning and budgeting. Give ActiveCo Technology Management a call to get started at 604.931.3633.